A look at this morning's biggest movers on Wall Street
Three stocks to watch this morning because they're making big moves on the charts are Appliance Recycling Centers of America, Inc. (NASDAQ:ARCI), Solid Biosciences Inc (NASDAQ:SLDB), and Box Inc (NYSE:BOX). Let's jump right into the action and see how ARCI, SLDB, and BOX shares are trading early on.
ARCI is one of the biggest pre-market winners so far, set to open up 40.7% thanks to the company's announcement that it's seen "significant increases in orders in its recycling division." The stock has made several huge moves this year, including on Tuesday when it jumped to as high as $9.24, but closed at $4.02. Yesterday's close was $3.93, with the shares recently finding support at the 200-day moving average.
SLDB stock, meanwhile, is pacing for a sharp pullback, down 8.1% before the open. Sparking the losses was a downgrade to "sell" from "neutral" at Citigroup, which comes after the equity enjoyed an upgrade last week that had it at multi-month highs. As of Wednesday's close at $9.09, the security had lost more than three-fourths of its value in the past year.
Finally, BOX is getting crushed after the company's quarterly report. The cloud concern announced better-than-expected second-quarter results, but investors are more concerned with its weak outlook for 2020. In response, the shares are set to open down 7.7%, which would have them testing three-year-low territory.
BOX has already managed to make put traders nice profits, and now short sellers are getting in on the action. More specifically, short interest rose 7.8% in the past reporting period. And while most brokerages still have bullish ratings, Craig-Hallum this morning downgraded its rating to "hold" from "buy," and dropped its price target to $15 from $22.