The Fitness Stock Touching Record Highs

MBI is one of the top NYSE stocks, attempting to take back Hurricane Maria-related losses

Managing Editor
Nov 8, 2017 at 3:06 PM
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Stocks are battling breakeven this afternoon, with the Dow clawing higher and attempting to extend its winning streak. Among the stocks making big moves are insurance concern MBIA Inc. (NYSE:MBI), exercise company Planet Fitness Inc. (NYSE:PLNT), and retail giant Sears Holdings Corp (NASDAQ:SHLD). Here's a quick look at what's moving shares of MBI, PLNT, and SHLD.

MBI Stock Nears Top of NYSE After Earnings

MBIA stock is up 32.9% at $9.21, nearing the top of the NYSE, after the Puerto Rico-exposed company reported third-quarter earnings. The bond insurer also said it plans to extend its share buyback program. The stock is now up more than 50% since its Oct. 25 low, and is set to top its 200-day moving average for the first time since late September, before the extent of Hurricane Maria damages were known. 

At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), MBI sports a 50-day put/call volume ratio of 4.72, ranking in the 91st percentile of its annual range. This suggests puts were heavily preferred over calls ahead of earnings, specifically, during the past 10 weeks.

Planet Fitness Could Squeeze Shorts

Shares of PLNT have gapped higher after the company reported a third-quarter earnings beat. The fitness stock was trading up 16% at $29.66, at last check, just off a fresh record high of $30.19. This earnings feat has brought PLNT up almost 49% for 2017, and earned three price-target raises from brokers. Nine out of 10 analysts following the stock already carry "strong buy" recommendations. 

In light of its long-term gains, short interest for Planet Fitness stock dropped almost 8% during the past reporting period, but still represents more than 16% of the stock's available float. At PLNT stock's average daily trading volume, it would take 21 days for the remaining shorts to cover -- plenty of fuel for a short squeeze.

Sears Touches Record Low After Earnings Announcement

Sears stock is plummeting after the retailer pre-announced third-quarter earnings, including a 15.3% drop in same-store sales. "The retail environment remains challenging," Sears said in a statement. The company also signed a deal for pension contribution relief. At last check, SHLD stock was trading down 5% at $4.76, just three pennies from today's record low.

Short interest on SHLD rose nearly 12% during the last two reporting periods, and now represents more than 67% of the stock's total available float. At Sears' average daily trading volume, it would take 12 days for the shorts to cover their bearish bets.

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