Long-term laggards 3D Systems Corporation (DDD) and National Bank of Greece (ADR) (NBG) are finally on the up and up
While the broader market is
moving sharply lower, a handful of stocks are currently staring at impressive intraday gains. Here's a closer look at a pair of major midday advancers --
3D Systems Corporation (NYSE:DDD) and
National Bank of Greece (ADR) (NYSE:NBG) -- their corresponding drivers, and how Wall Street may be reacting.
DDD
touched a three-year low of $11.66 out of the gate following an
earnings miss, but abruptly reversed course after being momentarily halted. At last check, the shares had tacked on nearly 17.9% to trade at $13.79, after a test of their overhead 20-day moving average -- located at $14.79.
The catalyst for today's big boost is unclear, but speculation centers on possible short-covering activity. A lofty 34.3% of DDD's float is sold short, representing over 13 sessions' worth of trading, at typical volumes. Negativity can be found elsewhere on the Street, too. Specifically, 15 of 18 analysts rate the stock a "hold" or worse.
The skepticism is warranted, given 3D Systems Corporation's long-term troubles. Heading into today's session, the shares were staring at a year-to-date deficit of 64.4%.
Meanwhile, NBG has exploded to the north, after
Greek markets rallied. The stock was last seen 13.5% higher at $0.82, chipping away at its steep year-to-date deficit, which stood at 60% last night.
Option traders have been
gambling on extended losses, too. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), National Bank of Greece has racked up a 10-day put/call volume ratio of 6.69 -- in the 99th percentile of its annual range. Echoing this, the equity's Schaeffer's put/call open interest ratio (SOIR) of 1.40 sits just 5 percentage points from a 12-month peak.