Exxon Mobil Stock Hits New Low After Earnings; Baidu Profits Surge

Short sellers have been covering their positions on XOM stock

Managing Editor
Jul 28, 2017 at 10:13 AM
facebook X logo linkedin

U.S. stocks are lower this morning as earnings season plugs along. Chinese internet issue Baidu Inc (ADR) (NASDAQ:BIDU), Dow stock Exxon Mobil Corporation (NYSE:XOM), and pharmaceutical company Valeant Pharmaceuticals Intl Inc (NYSE:VRX) are three stocks in the news to start the day, for varying reasons. Here's a quick look at what's moving shares of BIDU, XOM, and VRX.

Strategy Change Leads To Big Earnings Beat For Baidu

Baidu stock is up 5% to trade at $211.55, earlier hitting an annual high of $212, after the company reported an impressive surge in profits. The earnings beat comes on the heels of a strategy shift from the Chinese company, focusing more on its mobile app and artificial intelligence. It's been a strong year for BIDU stock, which has tacked on 22% year-to-date, and analysts are expecting additional upside. Specifically, Morgan Stanley, Deutsche Bank, and Credit Suisse, today raised their price targets to $210, $212, and $228, respectively. 

Call buyers have been targeting BIDU options for some time now. BIDU boasts a 50-day call/put volume ratio of 2.53 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks 5 percentage points from an annual high. 

Exxon Shares Burned By Revenue Miss

Exxon Mobil stock is down 1.2% to trade at $79.79, earlier hitting a 52-week low of $79.12, after the oil giant's second-quarter earnings and revenue missed estimates. It's been an ugly year for XOM shares, which have shed 12.4% year-to-date. But despite the sluggish stretch for Exxon Mobil, short interest decreased by almost 13% during the last two reporting periods. The stock's inability to rally amid this short-covering trend points to its underlying technical weakness. 

VRX Shares Dip After Insurers Drop Key Drugs

Valeant Pharmaceuticals stock is down 0.8% to trade at $16.99, after it was revealed that insurers were dropping some of Valeant's cornerstone drugs from formularies. Nevertheless, VRX shares have tacked on 17% year-to-date, and have rebounded nicely from their April 24 low of $8.31. Analysts remain skeptical of VRX, however. Of the 11 brokerages covering VRX, eight rate it a "hold" or "strong sell." This means additional upgrades could send the stock higher down the road.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI