The brokerage bunch chimed in AXP, COIN, and DPZ today
Analysts are busy weighing in today, and the three stocks below are making bigger-than-usual moves following updates from some of Wall Street's biggest firms.
Dwindling Spending Trends Could Weigh on American Express
American Express Company (NYSE:AXP) was last seen 0.7% lower at $173.21, after Citigroup signaled that credit card spending is trending lower. The firm cut its price target on AXP to $148 from $150, noting sharper-than-usual drops in travel and entertainment spending.
Short-term traders are likely cheering today's bear note, as they were already heavily put-biased beforehand. This is per American Express stock's Schaeffer's put/call open interest ratio (SOIR) of 1.01, which sits in the elevated 96th percentile of readings from the past 12 months.
Analyst Questions Retail Traders' Shift to Robinhood
Coinbase Global Inc (NASDAQ:COIN) is suffering alongside Bitcoin (BTC), with the crypto exchange's shares last seen 1.7% lower at $52.97. Plus, Mizuho reiterated its "underperform" rating, questioning the amount of customers Coinbase is losing to Robinhood (HOOD).
While short interest is ticking lower, the 35.77 million shares sold short still account for 20% of COIN's total available float. It would take traders just over two days to buy back these bearish bets, at the stock's current pace of daily trading.
Call Traders Eat Up Domino's Pizza Stock After Bull Note
In contrast to this pessimism, Stifel upgraded Domino's Pizza (NYSE:DPZ) to "buy" from "hold," and hiked its price target to $350. The analyst in question noted delivery sales will keep stabilizing as carryout sales grow.
Call traders love the update. At last glance, 3,512 bullish bets have crossed the tape, which is five times the amount typically seen at this point. Most popular is the June 300 call, while new positions are opening at the 330 call 325 calls in that series, all of which expire at the close tomorrow.