Plus, ARNC is under fire as reports suggest the company knew its Grenfell cladding was combustible
U.S. stock futures are up today, as oil prices eye another strong session. Among specific names on the move today are real estate investment trust Store Capital Corp (NYSE:STOR), streaming music service Pandora Media Inc (NYSE:P), and aluminum specialist Arconic Inc (NYSE:ARNC). Here's a quick look at what's moving shares of STOR, P, and ARNC.
STOR Set to Rally on Berkshire's Buy-In
Store Capital shares have popped more than 9% ahead of the bell, boosted by news that Berkshire Hathaway has invested $377 million in the company. A Berkshire subsidiary paid $20.25 per share for the 9.8% stake, compared to the equity's Friday close at $20.77. Today's pre-market surge has STOR stock set to break out above recent resistance at its 40-day moving average, which hasn't been surmounted on a daily closing basis since late April.
The new crop of STOR short sellers could be rattled by Berkshire's big stake, with short-covering potentially fueling today's gains. Short interest on Store Capital stock surged by more than 80% over the past two reporting periods, and now accounts for 5.4% of the stock's float.
Pandora Gains on Reports of CEO Shake-Up
Pandora Media has tacked on more than 3% in electronic trading, bolstered by a Re/Code report suggesting CEO Tim Westergren is set to step down. KeyBanc appears upbeat about P's prospects, despite reports that no replacement for Westergren is lined up; this morning, the brokerage firm upgraded Pandora shares to "sector weight."
P closed last Friday at $8.28, notching a rare close above resistance at its declining 20-day moving average. This trendline has highlighted the stock's year-to-date slump of 36.5% -- but many analysts remain firmly entrenched in Pandora's bullish camp. Currently, 13 brokerage firms still maintain a "buy" or better rating on the beaten-down stock.
Arconic Set to Slide on Report of Grenfell Culpability
Arconic stock is set to open on a loss of more than nearly 7%, after a weekend Reuters report said the company was aware that the panels it supplied for
London's Grenfell Tower -- site of a deadly blaze last week -- were combustible. This plunge will set ARNC below support at its 150-day moving average, which had so far contained the stock's retreat from its February high above $30.
Going forward, that round $30 level could emerge as stiff resistance. Not only is it the site of ARNC's year-to-date high, it's also near the site of analysts' average 12-month price target of $29.17 -- which represents a premium of 13.5% to Friday's close at $25.54.