Analyst says Cypress Semiconductor should benefit from Apple's switch to USB-C connectors
Stocks are getting a big lift today from soaring bank and tech shares. Among specific names making volatile moves are cloud stock Nutanix Inc (NASDAQ:NTNX), Apple supplier Cypress Semiconductor Corporation (NASDAQ:CY), and package delivery giant FedEx Corporation (NYSE:FDX). Here's a quick look at what's moving shares of NTNX, CY, and FDX.
NTNX Stock Pops on Google Partnership
Nutanix stock has jumped 7.2% to trade at $19.99, after the company announced a cloud partnership with Google. NTNX shares have been trading in a tight channel of higher lows since bottoming at $14.38 in early May, though upside has been contained in the $20-$21 region. And while the stock has come off its all-time lows, short sellers have refused to budge. Short interest jumped 17% in the most recent reporting period, and now accounts for two-fifths of NTNX's available float.
Barclays Upgraded CY Stock on Apple Optimism
Shares of Cypress Semiconductor have surged 7.6% to trade at $14.20, after Barclays upgraded the stock to "overweight" from "equal weight" and raised its price target to $18 from $14 -- territory not charted since early 2012. The brokerage firm said Apple's shift to USB-C connectors could increase CY's 2018 earnings by 24 cents per share. The stock is now boasting a 24% year-to-date lead, and could see more gains, should short sellers start throwing in the towel. A healthy 11.3% of CY's float is sold short, representing almost a week's worth of pent-up buying demand, at the average pace of trading.
Virus Attack Fails to Slow FDX Stock
FedEx shares came within a nickel of notching a new record high earlier, topping out at $217.25. Shortly after, the shares were halted on news of a virus attack at the company's Netherlands-based TNT Express unit, and were last seen trading up 1.3% at $217.19. This positive price action is nothing new for the stock, which has added 16.6% in 2017, and hit its all-time peak on Monday. Amid this uptrend, FDX options traders have been buying to open calls over puts at a faster-than-usual clip. The security's 10-day call/put volume ratio of 1.22 on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks in the 73rd annual percentile