UAA, LUV, and NOK are among the stocks in the news today
Stocks are trading higher at the open, as traders digest the latest round of corporate earnings reports. Among specific names in focus are athletic apparel maker
Under Armour, airline
Southwest Airlines Co (NYSE:LUV), and smartphone specialist
Nokia Oyj (ADR) (NYSE:NOK). Here's a quick roundup of the news moving UAA stock, as well as shares of LUV and NOK, today.
UAA Stock Takes a Big Bounce After Earnings
UAA stock has jumped 5% to trade at $20.70, after the company reported a slimmer-than-expected per-share loss on slightly higher-than-forecast revenue. In response, Jefferies noted that "UAA is one of the few brands that matter in the athletic space." The stock could certainly use a boost, considering it was down 32% year-to-date coming into today's trading -- and fresh off a March 22 three-year low of $18.40. As such, UAA
options traders were buying to open puts over calls at a near-annual-high clip ahead of earnings. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), UAA stock's 10-day put/call volume ratio of 1.94 ranks above 94% of all comparable readings taken in the past year.
Southwest Airlines Shares Find Technical Support After Earnings Miss
LUV reported lower-than-expected first-quarter earnings, as higher fuel costs and operating expenses weighed on the results. Against this backdrop, LUV stock is trading down 3.8% this morning at $54.85, but finding a foothold atop its 20-day moving average, as well as its 10% year-to-date breakeven mark. Should Southwest Airlines Co bounce from this double-barreled layer of support, there's plenty of skepticism to be unwound -- which could translate into tailwinds. Of the 14 covering analysts, six still maintain a lukewarm "hold" recommendation. Plus, while short interest plunged 36% in the two most recent reporting periods, it would still take almost two days to cover the remaining bearish bets, at LUV's average daily pace of trading.
Nokia Stock Soars After an Earnings Beat
NOK stock is trading 6% higher at $5.69, after the telecommunications firm posted better-than-expected first-quarter earnings -- with
Nokia Oyj's quarterly results also topping numbers from rival Ericsson. Today's post-earnings pop has NOK widening its year-to-date advance to a lofty 18.3%, with the shares in territory not charted since October. A continued rise could encourage analysts to re-evaluate their ratings. Of the 11 brokerages covering NOK stock, eight maintain a "hold" recommendation.