United Rentals stock is cruising higher after earnings
U.S. stocks are higher this morning, building off of yesterday's records. Among specific equities on the move are cigarette stock Philip Morris International Inc. (NYSE:PM), equipment rental stock United Rentals, Inc. (NYSE:URI), and retailer Sears Holdings Corp (NASDAQ:SHLD). Here's a quick look at what's moving shares of PM, URI, and SHLD.
Philip Morris Stock Cools Off After Earnings Miss, Guidance
Philip Morris stock is down 3% to trade at $117.95, after the company's earnings fell short of expectations.
Philip Morris also cut its guidance for the year. Prior to today's pullback, PM stock was enjoying a pretty solid year otherwise, adding 30% year-to-date and reaching a new record high of $123.55 on June 20. The shares could now test support at their 60-day moving average, which has acted as support for most of the year.
In the options pits, traders have shown a bias toward calls lately. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), PM's 50-day call/put volume ratio 1.23 is in the 96th percentile of its annual range.
United Rentals Stock Cruising After Earnings Beat
United Rentals stock is up 5.3% to trade at $125, after the rental company reported earnings that topped expectations and lifted its full-year guidance. The news today has URI stock barreling past the $120 level, and filling in a bear gap from mid-April. A round of upgrades could propel URI shares even higher. Of the 12 brokerages covering URI stock, seven rate it a "hold."
Sears Stock Surging After Amazon Boost
Sears stock is up 16% to trade at $10.09, after the retail name announced plans to sell its flagship Kenmore products on Amazon. The appliances will be integrated with Amazon's Alexa to boost the 'smart home' brand. It's been a volatile year for SHLD stock, but today's bull gap places the shares north of their 200-day moving average for the fist time since April. Sears is just the latest stock to partner with Amazon, with Nike recently saddling up to the e-tail giant.
Short sellers will undoubtedly be keeping an eye on Sears stock. Over 13 million shares of the stock are sold short, accounting for a whopping 65% of its total available float. At SHLD's average trading volume, it would take more than nine sessions to repurchase all of those pessimistic positions.