CBI, OSUR, JPM Stocks On the Move Today

A favorable court ruling for Chicago Bridge & Iron has the shares on track for their biggest one-day percentage gain to date

Jun 27, 2017 at 2:59 PM
facebook twitter linkedin


Stocks are trading near their session lows, after the U.S. Senate said it would delay a vote on its Obamacare replacement healthcare bill until after the Fourth of July holiday. Not all the action is to the downside, though, with construction stock Chicago Bridge & Iron Company N.V. (NYSE:CBI), medical equipment specialist OraSure Technologies, Inc. (NASDAQ:OSUR), and big bank JPMorgan Chase & Co. (NYSE:JPM) all higher this afternoon. Here's a quick look at what's lifting shares of CBI, OSUR, and JPM.

CBI Stock On Track for Best Day Ever After Westinghouse Win

Chicago Bridge & Iron shares are at the top of the Big Board, up 33.3% to trade at $19.19, on track for their biggest one-day percentage gain on record. Boosting the stock is a favorable ruling from the Delaware Supreme Court over Toshiba unit Westinghouse Electric's 2015 takeover of CBI's Shaw nuclear division.

Today's pop marks a change of pace for CBI stock, which was down 55% year-to-date heading into today's trading -- and hit a seven-year low of $12.91 last Wednesday, June 21. A number of short sellers recently cashed in their winning bets on the stock, too. Short interest fell 11.5% in the two most recent reporting periods. Nevertheless, 10.97 million shares are still sold short, or 11.1% of the equity's available float.

OSUR Stock Hits New High After Gates Foundation Funding Deal

OraSure Technologies shares hit a 17-year high of $17.68 earlier -- last seen trading up 9.9% at $17.27 -- after the company inked a four-year funding deal with the Bill & Melinda Gates Foundation to increase availability to its OraQuick HIV self-test. In response, Canaccord Genuity raised its price target on the stock to $18 from $15, saying this deal "helps open the spigot" for OSUR.

The shares have now nearly doubled in value on a year-to-date basis, and short sellers could start covering. Short interest jumped 8.6% in the reporting period ended June 15 to 3.96 million shares -- the most since early April. 

JPM Stock Jumps After Consumer Confidence Shocker

JPMorgan Chase shares have jumped 1.7% to trade at $88.70, as bank stocks get a lift from an unexpected rise in consumer confidence this month. Specifically, the Conference Board said consumer confidence jumped to 118.9 in June versus expectations of a drop to 116, while the "present" situation index hit a nearly 16-year high of 146.3.

JPM stock is now extending its lead in positive year-to-date territory, and could find support atop previous resistance in the $88 region. A continued rise could prompt analysts to upwardly revise their ratings -- and possibly draw more buyers to the equity's table. Of the 18 brokerages following the Dow stock, 10 maintain a "hold" or "strong sell" rating.

 

If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!

Schaeffer's Investment Research Master Portfolio Trial
 


 


 
Special Offers from Schaeffer's Trading Partners