Rite Aid and Conagra stocks are both higher after profit beats
Stocks have turned lower today as investors fret over impeachment drama out of Washington, D.C. Three stocks in particular making moves today are pharmacy name Rite Aid Corporation (NYSE:RAD), food producer Conagra Brands Inc (NYSE:CAG), and online travel site Ctrip.Com International Ltd (NASDAQ:CTRP). Below, we'll dig into what's moving RAD, CAG, and CRTP today.
Earnings Beat Boosts Rite Aid Stock
Rite Aid stepped into the earnings confessional today, with second-quarter profits of 12 cents per share, which beat analyst estimates. In response, the stock is up 7.9% at $8.30, after squaring up against a recent ceiling at the $10 region. Still, RAD is down 67% in the past year.
The pharmacy concern's results have attracted quite a few options players today, with 11,000 call contracts and 8,665 put contracts across the tape so far -- 10 times what's typically seen at this point. The most popular call contract is the 9/27 10-strike, which expires tomorrow, while the most popular put appears to be the 9-strike contract from the same series, with positions being bought to open here.
Conagra Stock Climbs Higher After Earnings
The shares of the packaged food producer hit a nine-month high of $31.83 earlier today, after the company posted first-quarter earnings of 43 cents per share, compared to analysts' estimated 39 cents. CAG attributed its purchase of Pinnacle Foods for the beat. At last check, CAG is up 4.7% at $31.31.
Conagra has been soaring on the charts lately, pacing for its third straight win since bouncing off its 100-day moving average earlier this week. With a 46.5% year-to-date gain, short sellers are likely feeling the pain, since 7.2% of the float is sold short, after a 17.2% increase in short interest during the last two reporting periods.
CTRP Stock Takes a Tumble on BIDU Update
Ctrip.com's largest investor, Baidu (BIDU), this morning announced that it would be selling nearly one-third of its stake in the travel company. CTRP stock is down 5% in response, trading at $30.54 -- pacing for its lowest close in eight months.
Since the stock's latest attempt at a rebound ran out of steam just beneath the 100-day moving average, CTRP stock has suffered a sharp sell-off -- ending seven of the past eight sessions in the red. The security could be a prime target for negative analyst attention, should this downward trajectory continue. Right now, 10 analysts consider CTRP a "strong buy," while only six call it a "hold." What's more, the stock's 12-month consensus target price of $42.37 is at a sizable 39.1% premium to current levels.