The Sporting Goods Stock Bucking the Trend

SPWH is the biggest percentage gainer on the Nasdaq today

Aug 18, 2017 at 3:00 PM
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U.S. stocks are trading lower this afternoon, though they're well off session lows. One outdoor sporting goods retailer bucking the trend is Sportsman's Warehouse Holdings Inc (NASDAQ:SPWH). Other stocks in the spotlight today are farm machinery maker Deere & Company (NYSE:DE) and semiconductor stock Micron Technology, Inc. (NASDAQ:MU). Here's a quick look at what's moving shares of SPWH, DE, and MU.

SPWH Bucks Sporting Retailers' Downward Trend

Sportsman's Warehouse Holdings stock is up a whopping 35.2% to trade at $4.67, after the company reported second-quarter earnings and well-received guidance. SPWH stock touched a record low of $3.40 yesterday, but is now is testing its 120-day moving average, which has capped rally attempts since October. Today's rally places SPWH at the top of the list for biggest percentage gainers on the Nasdaq -- bucking today's downward trend for sporting retailers Foot Locker and Hibbett Sports stocks.

Today's rally also leaves room for a potential squeeze from shorts, with short interest on SPWH representing more than three weeks' of pent up buying demand, at the stock's average pace of trading.

Lackluster Sales Send Deere & Company Stock Lower

Lackluster sales for a second straight quarter have Deere & Company stock down 7.8% to trade at $114.63. As such, Baird downgraded the stock to "neutral" and slashed its price target by $10 to $130 -- still higher than yesterday's close of $123.98. The farm equipment stock hit a record high of $132.49 last Wednesday, but has since pulled back to find support from it's 180-day moving average. Today's drop ranks DE among the worst on the New York Stock Exchange (NYSE) and the S&P 500 Index (SPX).

Shorts are likely cheering today's decline, as short interest on DE has grown roughly 16% during the past two reporting periods -- now representing nearly 13 times' DE's average daily trading volume. 

Analysts Expect Micron Technology Stock to Double

Micron Technology stock is up 2.5% to trade at $30.37, after Stifel raised its price target on MU to $62 from $60 -- more than twice the stock's current price. The semiconductor stock could also be trading higher due to a halo lift from sector peer Applied Materials (AMAT), which reported impressive earnings earlier. Up 38% year-to-date, MU is attempting to reclaim a foothold on its 10-week moving average, which had acted as support since May 2016. Of the 15 analysts following the stock, 12 rate it a "buy" or better.


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