Buzz Stocks: ConocoPhillips, Viacom, Inc., and Glu Mobile Inc.

Today's stocks to watch include ConocoPhillips (NYSE:COP), Viacom, Inc. (NASDAQ:VIAB), and Glu Mobile Inc. (NASDAQ:GLUU)

Karee Venema

Feb 4, 2016 at 9:51 AM

Stocks are lower this morning, as crude futures head south and jobs data disappoints. Meanwhile, oil-and-gas firm ConocoPhillips (NYSE:COP), entertainment issue Viacom, Inc. (NASDAQ:VIAB), and digital game developer Glu Mobile Inc. (NASDAQ:GLUU) are among the equities in focus today.

COP is down 1.2% at $38.16 -- a much slimmer move than the options market was projecting -- after the company unveiled a wider-than-forecast fourth-quarter loss. Additionally, ConocoPhillips cut its quarterly dividend and reduced its 2016 capital expenditure budget. Today's price move is nothing new for the stock, which has shed 45.6% since hitting an annual high of $70.11 nearly one year ago. In fact, the shares notched a six-year low of $32.71 on Jan. 20. Option traders, meanwhile, have taken the skeptical route in recent months. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), COP's 50-day put/call volume ratio of 1.20 rests in the 86th annual percentile.

VIAB's board of directors is expected to replace Chairman Sumner Redstone today, after he resigned as executive chair of CBS Corporation (NYSE:CBS) last night. The news has sent shares of VIAB up 5.1% out of the gate to $46.93, while CBS was last seen trading 2.7% higher. On the charts, VIAB had shed 32% year-over-year before today's trading, with the equity's recent rally attempt halted in the previously supportive $46 region -- home to its 30-week moving average. Analysts have kept the faith, though, as the average 12-month price target for Viacom, Inc. is $55.97, territory not charted since before the stock's early August bear gap. Looking ahead, the firm will report earnings one week from today.

GLUU has soared 25.5% out of the gate to $2.52, after the company said it had signed a deal with pop star Taylor Swift to develop a "one-of-a-kind digital gaming experience." Glu Mobile Inc. also reported better-than-expected fourth-quarter results. The stock could certainly use the boost, considering it was down 71% from its May 5 annual high of $7.03 heading into today's session, and just yesterday hit a four-year low of $1.98. Speculative players have been betting on more downside, too. At the ISE, CBOE, and PHLX, GLUU's 10-day put/call volume ratio of 1.19 sits just 3 percentage points from a 52-week peak.

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