Buzz Stocks: Express, Inc., Oculus Innovative Sciences, Inc., and Fitbit Inc

Today's stocks to watch in the news include Express, Inc. (NYSE:EXPR), Oculus Innovative Sciences, Inc. (NASDAQ:OCLS), and Fitbit Inc (NYSE:FIT)

Josh Selway

Aug 24, 2016 at 9:24 AM

Dow futures are cautiously higher this morning, as traders await Friday's big central bank speech. Meanwhile, among specific equities in focus are retailer Express, Inc. (NYSE:EXPR), biotech Oculus Innovative Sciences, Inc. (NASDAQ:OCLS), and wearable tech stock Fitbit Inc (NYSE:FIT).

EXPR is set to lose roughly one-fifth of its value when the market opens, after the company slashed its full-year outlook in light of weak store traffic. The projected move would put the stock in territory not seen since February 2015, after the shares closed Tuesday at $16.03. While the pending sell-off matches options traders' bearish expectations, some analysts may start to adjust their outlooks. For example, five of the 11 brokerage firms covering EXPR say it's a "strong buy," and none recommend selling the stock. Just this morning, though, Deutsche Bank downgraded the stock to "hold" from "buy," and lowered its price target to $12 from $19.

OCLS is looking to take advantage of a favorable Food and Drug Administration (FDA) ruling, with the stock up 13% in electronic trading. More specifically, the FDA approved the drugmaker's post-dermal procedures treatment, which it'll begin marketing in the U.S. next March. It's been a rough year for the penny stock, as it's lost almost 31% of its value year-to-date, and closed last night at $3.98. Meanwhile, a recent batch of short sellers will likely be kicking themselves, seeing as short interest on Oculus Innovative Sciences, Inc. popped by nearly 25% in the last reporting period.

FIT is up 3% in pre-market trading, after a U.S. International Trade Commission judge ruled the company did not steal classified information from fellow wearable tech firm Jawbone. Fitbit Inc rallied on Tuesday, as well, before settling at $14.88, as the stock looks to live up to analysts' lofty expectations. That is, despite FIT's 49.7% drop in 2016, more than half the analysts covering the stock recommend buying it, with not a single "sell" rating on the board, while its average 12-month price target stands at $21.38 -- territory not explored since early January.

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