BAC, GS, and GNC are among the stocks in the news today
Stock futures are pointing to a negative start, as traders digest the latest batch of quarterly earnings reports. Among the names in focus are financial firms
Bank of America Corp (NYSE:BAC) and
Goldman Sachs Group Inc (NYSE:GS), as well as health supplement retailer
GNC. Here's a quick roundup of the news moving shares of BAC and GS, in addition to GNC stock.
Bank of America Stock Set to Pop Post-Earnings
BAC stock has jumped 1.5% in pre-market trading, after the financial firm's first-quarter
earnings blew past the consensus estimate. Today's projected price move is reflective of BAC's longer-term uptrend, though the shares have pulled back since hitting an eight-year high of $25.80 in early March. Nevertheless, the shares of Bank of America Corp found a foothold atop their rising 120-day moving average yesterday, closing the session at $22.81. In BAC's options pits, put buying has been picking up speed in recent weeks, per the stock's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 0.40 -- in the elevated 86th annual percentile.
Goldman Sachs Shares Trade Lower After Earnings Miss
GS stock is on track to open the session down 2.8%, after the big bank's first-quarter earnings came in below expectations due to
weak trading revenue. Goldman Sachs Group Inc shares have been sliding since topping out at a Trump-induced record high of $255.15 in early March, settling last night at $226.26.
GS stock is now stuck below two critical technical levels, and a round of bearish brokerage notes could create more pressure for the financial shares. Roughly half of analysts covering GS maintain a "strong buy" rating, while the average 12-month price target of $255.15 stands at a healthy 15% premium to the stock's current perch.
GNC Stock Eyes an Earnings-Induced Bull Gap
After closing Monday at $7.24, GNC stock has surged 18.1% in electronic trading -- set to open at its highest level since early March. Boosting the shares is GNC's stellar turn in the earnings confessional, with the health and wellness retailer's results topping expectations. The stock could certainly use a boost, considering it is down 34.4% year-to-date, and fresh off an April 7 record low of $6.51. GNC options traders were bracing for a negative earnings reaction, though. At the ISE, CBOE, and PHLX, the stock's 10-day put/call volume ratio of 0.96 ranks in the 72nd annual percentile. Simply stated, puts have been bought to open relative to calls at a faster-than-usual clip.