L Brands, meanwhile, is getting hit after its March same-store sales update
It's another volatile day of trading on Wall Street, though today's price action is to the upside. Among individual stocks making notable moves are Bath & Body Works parent L Brands Inc (NYSE:LB), internet advertising firm QuinStreet Inc (NASDAQ:QNST), and billing and analytics software specialist Zuora (NYSE:ZUO). Here's a quick look at what's moving shares of LB, QNST, and ZUO.
L Brands Stock Spirals as PINK Sales Decline
L Brands stock has plunged 5.3% to trade at $35.91 -- its session lows -- after the retailer said declining growth for its Victoria's Secret PINK brand pressured March same-store sales. What's more, Loop Capital cut its LB price target to $40 from $42, saying "Victoria's Secret size, price range, and aesthetic are out of line with new consumer options," while Deutsche Bank lowered its target price to $53 from $60.
Since topping out at an annual high of $63.10 in late December, shares of LB are down 43%. The stock has now breached recent support near $37, and put buyers are cashing out. Nearly 11,000 LB puts have changed hands so far today -- roughly triple the expected intraday amount -- with sell-to-close activity detected at the weekly 4/13 and April 37.50 strikes.
QuinStreet Stock Bounces from Short Seller Sell-Off
QuinStreet shares plunged 17.7% yesterday to close below its 80-day moving average for the first time since August, after Kerrisdale Capital shorted the stock, saying the company is a "low-quality organization with a fundamentally flawed business model." Today, QNST stock has surged back above this trendline -- last seen up 17.2% to trade at $11.88 -- after the ad firm called Kerrisdale's claims "inaccurate," and released upbeat preliminary fiscal third-quarter revenue numbers.
Longer-term, the security is up more than 40% in 2018 -- and topped out at a six-year high of $14.65 on March 27. This notable milestone came amid heavy selling pressure, too, with short interest up 318% in the two most recent reporting periods to 2.82 million shares, the most since late 2012.
Zuora Stock Soars in Public Trading Debut
Last night, Zuora priced its initial public offering (IPO) at $14 per share -- above previous expectations for range of $11 to $13 per share -- which valued the cloud company at roughly $1.4 billion. The shares opened today at $20, rising as high as $21.60, and falling as low as $19.12. At last check, ZUO stock was up 54% at $21.56.