Tariff Tensions Hit iQIYI; Canada Goose Stock Soars After Earnings

GOOS stock is enjoying a huge bull gap after the company posted surprise profit

Managing Editor
Jun 15, 2018 at 3:02 PM
facebook twitter linkedin


Stocks are trading lower today, as China tariffs and falling oil prices weigh. A few names making big moves today include Chinese streaming service iQIYI, Inc (NASDAQ:IQ), drug concern Affimed NV (NASDAQ:AFMD) and apparel stock Canada Goose Holdings Inc (NYSE:GOOS). Below, we will take a closer look at how shares of IQ, AFMD, and GOOS are trading on the charts.

IQ Stock Falls on Latest Trade Tensions

IQ has been volatile with other Chinese tech concerns, as tariff tensions between the region and the U.S. continue to escalate. The online services stock is down 0.6% at $40.25, at last check, near the top of Nasdaq for volume. Further, the stock earlier hit a fresh record high of $43.23, though it has only been trading on the public market since late March.

Heading into today, options traders were leaning bullish toward the stock. Data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows iQiYi with a 10-day call/put volume ratio of 1.45. This ratio shows the recent preference for calls over puts.

AFMD Plunges on Disappointing Trial Data

AFMD is 17% lower at $2.02, at last check, after the company announced disappointing data from its cancer drug trial. The stock is flirting with the 120-day moving average for the first time since late March, and despite its recent sideways trend, has managed to gain 58% year-to-date thanks to a huge early February surge.

Ahead of the trial update, however, analysts were optimistic toward Affimed stock. Two of the three analysts following AFMD sport "strong buy" ratings, while the stock's average 12-month price target of $7.08 is more than triple its current levels.

GOOS Gaps Higher on Surprise Profit

Luxury clothing retailer GOOS has jumped 28% to $59.04 and is fresh off a record high of $60.05, after the company reported better-than-expected fiscal fourth-quarter results. The stock was already soaring on the charts, but since today's post-earnings bull gap, GOOS has nearly triple in value over the past nine months. Analyst attention was extremely optimistic ahead of the retailer's earnings, with all five firms following the stock sporting "strong buy" recommendations.

What's more, although the stock's short interest fell 0.21% during the past two reporting periods, it represents over 8% of Canada Goose stock's total available float. This means that it would take shorts just over a week to buy back their bearish bets, hinting at plenty of fuel for additional short-covering tailwinds.

Grab your FREE Eternal Contrarian report!


 




 
Special Offers from Schaeffer's Trading Partners