Chinese Tech Stock Doubles on Blockchain Technology Deal

Wynn Resorts stock hasn't traded above $192 since August 2014

Jan 16, 2018 at 3:16 PM
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A strong start to earnings season helped the Dow topple 26,000 for the first time ever earlier and the S&P 500 Index (SPX) taking its inaugural trek north of 2,800, though stock markets have erased these gains amid fears of a possible government shutdown. While Chinese energy firm Recon Technology, Ltd. (NASDAQ:RCON) and casino name Wynn Resorts, Limited (NASDAQ:WYNN) are holding higher at last check, drug stock Eiger Biopharmaceuticals Inc (NASDAQ:EIGR) is sinking. Here's a quick look at what's moving shares of RCON, WYNN, and EIGR today.

Recon Stock Doubles on Blockchain Buzz

Recon Technology shares have nearly doubled to trade at $3.49, earlier topping out at a three-year high of $5.36. The Beijing-based oilfield operator said it has inked a deal with Future Gas Station Technology to develop a mobile shopping system for gas stations based on blockchain technology.

Heading into today's trading, the stock had been churning in penny stock territory for most of the past year -- hitting a low of $0.64 on Sept. 18 and a high of $2.64 on Oct. 24. Over the last 12 months, specifically, the average RCON stock price was $1.25.

Morgan Stanley Reiterates Wynn Resorts Stock 'Top Pick' Call

Morgan Stanley reiterated its call that Wynn Resorts stock is a "top pick" for 2018, citing the casino's outperformance in Macau market share. The brokerage firm also raised its WYNN price target to $192 from $180 -- territory not charted since August 2014.

In reaction, WYNN stock is up 2.4% to trade at $169.55, earlier topping out at a three-year high of $172.63. This positive price action is just more of the same for Wynn Resorts shares, which are up 87% year-over-year -- with the equity's 50-day moving average catching all pullbacks since mid-February.

Short sellers have been steadily covering amid this uptrend -- which has likely kept the wind at WYNN's back -- with short interest down 49% over the past year. It would still take 3.4 days to buy back the remaining bearish bets, though, based on the stock's average pace of trading, suggesting Wynn Resorts' rally may not be over.

Eiger Biopharmaceuticals Stock at Risk for Downgrades

Eiger Biopharmaceuticals said it was halting the development of its blood pressure drug, ubenimex, after it failed a mid-stage study. As such, EIGR stock has plummeted 48.9% to trade at $8.18 -- breaching several key trendlines, including the 200-day moving average, along the way.

The security is now staring at a 32.6% year-over-year deficit, and a round of downgrades or price-target cuts could be coming. While all six analysts covering Eiger stock maintain a "strong buy" rating, the average 12-month price target stands at a lofty $25.83.

 

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