Amazon Retreats from Record High After Home Insurance Reports

SunTrust Robinson upgraded MTW to "buy" earlier today

Managing Editor
Jun 6, 2018 at 3:15 PM
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The Dow is trading significantly higher today, thanks in part to outperforming bank stocks. Also making notable intraday moves are e-tail powerhouse Amazon.com, Inc. (NASDAQ:AMZN), crane manufacturer Manitowoc Company Inc (NYSE:MTW), and aerospace name Delta Air Lines, Inc. (NYSE:DAL). Below, we will take a closer look at how shares of AMZN, MTW, and DAL are faring on the charts.

AMZN Stock Hit an All-Time Peak Earlier

Shares of online retail powerhouse AMZN are trading lower after reports surfaced the company is considering offering home insurance. While Amazon stock hit a fresh record high of $1,714.50 earlier, it has pared these gains -- trading fractionally higher at $1,696.69. The FAANG stock has been outperforming alongside its fellow e-tailers, and is up 69% year-over-year.

Unsurprisingly, analyst attention has remained optimistic towards Amazon stock, with 31 of the 33 brokerage firms sporting "buy" or better ratings. What's more, AMZN's average 12-month price target of $1,834.52 stands at a more than 8% premium to current levels.

Manitowoc Stock  Upgraded at SunTrust Robinson

Manitowoc stock is trading up an impressive 16% at $27.51, after receiving an upgrade to "buy" from "hold," and a price-target hike to $33 from $26 at SunTrust Robinson. The brokerage firm said the crane manufacturer is positioned for growth.

Despite today's surge, MTW stock's current year-to-date loss is nearly 30%, and earlier upside was quickly contained at its 80-day moving average. Nevertheless, some shorts are likely feeling the heat today. More than two million MTW shares are sold short, representing a healthy 7.1% of the equity's available float.

Delta Air Lines Falls on Lowered Second-Quarter Forecast

Delta Air Lines cut its second-quarter profit forecast, citing a roughly 50% increase in fuel costs over the past year. As a result, DAL stock is down 1.3% at $53.98 at last check, though earlier finding support at the $53 level and 200-day moving average.

In the options pits, traders have been heavily bearish of late -- perhaps betting on another June swoon. Data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows DAL's 10-day put/call volume ratio at 1.96, ranking in the highest percentile of its annual range. This lofty ratio suggests that puts have been purchased over calls at a faster-than-usual clip during the past two weeks. 

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