2 Stocks Making Massive Moves on Supreme Court Ruling

Avalara stock is trading at twice its IPO price, thanks to a ruling on online sales tax

Managing Editor
Jun 21, 2018 at 3:31 PM
facebook X logo linkedin

Stocks are continuing their downward spiral this afternoon, with focus shifting to today's Supreme Court ruling that says online sales can now be taxed by states. Three individual stocks making noteworthy moves are tax software concern and Wall Street freshman Avalara Inc (NYSE:AVLR), e-tailer Overstock.com Inc (NASDAQ:OSTK), and drug stock Heron Therapeutics Inc (NASDAQ:HRTX). Below, we will take a closer look at how shares of AVLR, OSTK, and HRTX are trading on the charts.

Avalara Stock Soars During First Full Week of Trading

Avalara stock is soaring after the aforementioned tax ruling, up 12.8% at $50.78, at last check, fresh off an all-time high of $59.25. AVLR began trading just one week ago, after pricing its initial public offering (IPO) at $24, and since opening its first session at $35, has rallied roughly 45%. The tax software company is expected to benefit from new state sales tax laws for online retailers.

Shorts Pounced on OSTK Stock Ahead of Ruling

Shares of Overstock.com have plunged 6.8% to $36.30 on the Supreme Court ruling, though the company insists it "will have no appreciable impact on our business." OSTK has been on a sideways trend since announcing a stock offering in late March, with the shares struggling to climb back atop the round-number $40 level. From a longer-term perspective, the shares are down nearly 60% from their early January highs that stemmed from optimism surrounding the company's foray into blockchain.

Several short sellers are likely cheering today's Supreme Court decision. Short interest on Overstock currently accounts for more than 8 million OSTK shares, or nearly 50% of its total available float.

HRTX Gaps Higher on Positive Drug Data

In other news, drug concern Heron Therapeutics stock is up an 29% at $39.85 -- and fresh off a two-year peak of $42.05 -- after the Food and Drug Administration (FDA) granted "breakthrough therapy" status for the company's pain management drug, HTX-011, which just met the goals in two mid-stage studies.

In response to today's positive news, the stock received a price-target hike to $54 from $48 at Cowen and Company, and a hike to $51 from $38 at Jefferies. In addition, Cantor Fitzgerald weighed in on the upbeat news, saying it "supports our positive investment thesis and belief that the peak sales for HTX-011 are underappreciated." This positive analyst attention isn't unusual for the stock either, with all 11 following firms sporting "buy" or "strong buy" ratings.

Heron Therapeutics stock has been on fire in 2018, and now sports a year-to-date gain of 121%. What's more, the stock is on pace for its best session since late May 2015.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI