Today's stocks to watch in the news include General Motors Company (GM), Inotek Pharmaceuticals Corp (ITEK), and Twitter Inc (TWTR)
U.S. stocks appear poised to start 2017 with a bang, and the Dow could be set to make another run at the elusive 20,000 mark. Among specific equities in the spotlight today are carmaker General Motors Company (NYSE:GM), biotech stock Inotek Pharmaceuticals Corp (NASDAQ:ITEK), and social media interest Twitter Inc (NYSE:TWTR). Here's a quick look at what's driving GM, ITEK, and TWTR.
- GM is 0.4% lower ahead of the bell, following the latest criticisms from President-elect Donald Trump. Specifically, Trump took to Twitter early this morning, saying, "General Motors is sending Mexican made model of Chevy Cruze to U.S. car dealers-tax free across border. Make in U.S.A. or pay big border tax!" General Motors Company has since responded, saying all the Chevy Cruz sedans sold in the U.S. are built in Lordstown, Ohio. Looking back, the security was a strong performer in 2016, adding more than 30% from its February lows, last seen at $34.84. Still, the stock could stand to see a little more love from the brokerage bunch. At present, nine out of 15 firms following GM rate the shares a lukewarm "hold."
- ITEK has given back more than 63% in electronic trading, after the company reported disappointing results in a late-stage study of its glaucoma treatment, trabodenoson. This price action is nothing too new for the stock -- which dropped 46% in 2016 to finish the year at $6.10 -- and ITEK should easily find itself in record-low territory this morning. That would likely be welcome news for short sellers, however. Nearly 19% of Inotek Pharmaceutical Corp's available float is currently sold short, accounting for more than six sessions' worth of trading, at the stock's average daily volume.
- TWTR is up 0.3% ahead of the open despite the latest executive departure. Kathy Chen, head of the company's China business, announced -- via Twitter -- that she is leaving after only seven months on the job. Twitter Inc has seen a flurry of top execs fleeing the company in recent months, but that hasn't stopped options players placing bullish bets on TWTR, which closed out 2016 at $16.30. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 10-day call/put volume ratio stands at a top-heavy 4.86 -- higher than 92% of the past year's readings.
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