M, KSS, and STRP are among the stocks making headlines
Stocks are off to a slow start this morning, with the Nasdaq on pace to snap its win streak. Among specific stocks on the move are retailers Macy's Inc (NYSE:M) and Kohl's Corporation (NYSE:KSS), as well as telecom concern Straight Path Communications Inc (NYSEMKT:STRP). Here's a quick look at what's moving shares of M, KSS, and STRP.
M Stock Sinks on Earnings Miss
Macy's stock is down 9.7% at $26.50, after the company whiffed in the earnings booth. The shares are now trading in five-year-low territory, losing 41% since hitting a 52-week high of $45.31 back in November. It appears options traders were betting on a pullback, too, with put buying more active than usual in recent weeks. M stock has a 10-day put/call volume ratio of 1.11 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks in the 85th annual percentile.
KSS Stock Fights Back Despite Lackluster Sales
Kohl's stock is edging higher, rebounding from a pre-market drop, even though the retailer reported weaker-than-expected revenue and
same-store sales for the first quarter. At last check, KSS shares were up 3.2% at $41.62, Kohl's has been bumping up against the $40-$41 area for weeks, and the stock could end atop its 20-week moving average for the first time in 2017. As it stands now, short interest represents roughly 15% of the stock's float, which would take more than one week to cover, based on KSS' average daily volume -- plenty of fuel for a potential short squeeze.
Verizon Buyout Deal Drops STRP Stock
STRP stock is down 20% at $178.35, after Verizon Communications Inc. (NYSE:VZ) won a bidding war against AT&T Inc. (NYSE:T). Specifically, VZ will
buy Straight Path Communications for about $3.1 billion, or $184 a share -- a steep discount to STRP's closing price of $223.79 yesterday. The
bidding war resulted in a wild few months for Straight Path stock, which was trading at $33.90 at the end of 2016, meaning it's gained more than 400% year-to-date.