SeaWorld Stock Sinks on CEO Departure

Evoke Pharma stock could close above $1 for the first time in months

by Lillian Currens

Published on Sep 17, 2019 at 1:11 PM
Updated on Jun 24, 2020 at 10:16 AM

Stocks are trading mixed today, but little changed overall, as investors continue to eye volatile crude oil prices and a looming Fed policy decision. Three stocks in particular making moves, though, are drugmaker Evoke Pharma Inc (NASDAQ:EVOK), restaurant name Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL), and aquarium concern SeaWorld Entertainment Inc (NYSE:SEAS). Below, we'll look at what's moving the shares of EVOK, CBRL, and SEAS. 

EVOK Stock Pops on Nasal Spray Progress

Evoke Pharma is eyeing its third consecutive win today, guided higher by recent support at the 20-day moving average, after it completed commercial-scale manufacturing of its nasal spray, Gimoti. Data from the production run will be used as EVOK looks to resubmit the drug for marketing approval in the fourth quarter. 

The penny stock is up 3.9% at $1.01, and hit a near two-month high of $1.10 earlier today. EVOK is looking to close above the $1 mark for the first time since July 30, and short sellers could be helping the equity's case. Despite its proximity to theoretical support at zero, 3.2% of EVOK's float remains dedicated to short interest.

Earnings Beat Boosts Cracker Barrel Stock

The shares of CBRL are 1.6% higher to trade at $167.50 after the firm reported fiscal fourth-quarter profits of $2.70 per share and $787.1 million in revenue -- both of which beat analysts' estimates. Cracker Barrel also offered fiscal 2020 earnings and revenue guidance that edged past consensus expectations. However, after an early pop above $174 per share, the equity is back below familiar resistance at $168. 

The typically quiet CBRL options pits have become quite noisy today, with 5,265 calls and 2,324 puts crossing the tape -- 14 times the expected intraday volume. New positions are being opened at the September 172 call, a strike price CBRL hasn't closed above in over a month. 

SEAS Stock Sinks on CEO Departure 

SeaWorld Entertainment, on the other hand, has taken a nosedive today after its CEO of seven months, Gustavo Antorcha, stepped down "due to disagreements over the Board’s involvement in the decision making at the Company," per an SEC filing. While the search for a successor takes place, Chief Financial Officer Marc Swanson will serve as interim CEO.

The security is down 3% at $29.20, with recent support at the $28 region -- home to its 160-day moving average -- keeping the stock from slipping back to its May pre-bull gap levels. Despite today's dip, SEAS still boasts a 32% year-to-date gain.

Among options traders, SEAS sports a 50-day call/put volume ratio of 9.56 on the the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio ranks higher than 95% of all other readings from the past year, suggesting a much healthier appetite for calls over puts in recent weeks. 

 

 


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