The broader stock market is struggling for direction after the Fed decision
The broader stock market is mixed after the Fed cut its key interest rate, as expected, but struck a hawkish tone in its forward-looking statement. Among individual names making notable moves are central nervous system specialist Seneca Biopharma, Inc. -- formerly Neuralstem, Inc. (NASDAQ:CUR) -- sporting goods retailer Big 5 Sporting Goods Corporation (NASDAQ:BGFV), and financial services firm HC2 Holdings Inc (NYSE:HCHC). Here's a quick look at what's moving the shares of CUR, BGFV, and HCHC.
Big China Deal Boosts Seneca Biopharma Stock
Seneca Biopharma -- which changed its name this past Monday, Oct. 28, and will change its ticker to SNCA in early November -- said it inked a term deal to license assets to China's Jiangsu QYuns Therapeutics Co Ltd. Should the agreement go through, the former firm will gain global rights to the latter's asthma and atopic dermatitis treatment. In reaction, CUR stock is up 57.9% at $2.07, approaching familiar resistance at its 80-day moving average. The shares are still down 66.9% year-to-date, and remain stuck beneath the site of a late-July bear gap.
Big 5 Sporting Goods Scales Nasdaq After Earnings
Big 5 Sporting Goods said its third-quarter net profit more than doubled year-over-year to $6.4 million, while same-store sales were positive for a fourth straight quarter. Against this backdrop, BGFV stock is up 39.4% at $3.36, slicing through long-term resistance at its 200-day moving average.
This sharp upside move is likely catching short sellers off-guard. The 5.23 million BGFV shares controlled by bears represent 26.4% of the equity's available float, or 18.9 times the average daily pace of trading. As such, today's tailwinds are possibly being strengthened by a round of short covering.
Huawei Buzz Lifts HC2 Holdings
HC2 Holdings said its marine services division was selling 30% of its stake in Huawei Marine Networks -- a joint venture with Huawei Technologies. HCHC stock was last seen up 5.5% at $2.32, but is still staring up at its 200-day moving average. This trendline has only been toppled once on a daily closing basis since October 2018, and has helped usher HCHC to a nearly 57% year-over-year deficit.