Cowen Pumps Brakes on EA's "Apex Legends"

Tesla pared sharp losses thanks to upbeat China news

by Patrick Martin

Published on Mar 5, 2019 at 2:34 PM

The Dow is marginally higher today as investors await fresh U.S.-China trade developments. Among stocks making notable moves today, video game maker Electronic Arts Inc. (NASDAQ:EA) and electric car concern Tesla Inc (NASDAQ:TSLA) are lower, while BioNano Genomics Inc. (NASDAQ:BNGO) is higher. Here's a quick look at what's moving the shares of EA, TSLA, and BNGO today.

Cowen Unsure About "Apex Legends" Long-Term Impact

Electronic Arts stock is down 1.5% to trade at $95.82, after Cowen highlighted Twitch viewership data that suggested interest in battle royale game "Apex Legends" was falling. The brokerage firm also believes it's "too early to make a call on how big it will be, or its staying power." Despite the pullback today, EA has found support at its 30-day moving average, and still boasts a 21% lead year-to-date.

Short sellers have started to come out of the woodwork. Short interest nearly doubled in the most recent reporting period to 11.85 million shares, the most since December 2016. However, this still represents a slim 4% of EA's total available float. 

Barclays Bear Note Still Weighing on TSLA

At last check, Tesla stock was down 1.3% to trade at $281.58. While the company reached a resolution with Chinese customs over the clearance of imported cars, a price-target cut from Barclays to $192 from $210 is still weighing on the shares. In the note, the analyst in coverage asserted that Tesla will not be the "next Apple," as many are hoping.

TSLA is heading toward its third straight loss, but pared most of the damage from its five-month session lows near $270. Year-to-date, Tesla stock is down 15.6%. 

Options traders are out in droves today, with more than 319,000 options on the tape -- two times the expected amount and volume pacing in the 96th percentile of its annual range. The weekly 3/8 series accounts for eight of TSLA's 10 most active options, with the 300-strike call seeing the heaviest attention and new positions are being initiated here.

Upbeat Study Results Power BNGO Rally

BioNano Genomics stock is up 9.5% at $4.48, one of the best stocks on the Nasdaq today. The medical device maker is soaring after the company's optical mapping technology to examine human genomes produced promising results in a study. BNGO earlier traded as high as $6.24, but has since pared those gains and fallen below its 50-day moving average. Despite the outburst today, the stock shed 36% from its Sept. 21 opening day of trading, culminating in a record low of $3.50 a month ago. 

Analysts are quite bullish on BNGO though. The two brokerages in coverage rate the stock a "buy" and their average 12-month price target of $11.50 is a 157% premium to its current perch.

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