A deal to increase accessibility for its HIV self-test has sent OraSure Technologies to a 17-year high
Stocks are trading near their session lows, after the U.S. Senate said it would delay a vote on its Obamacare replacement healthcare bill until after the Fourth of July holiday. Not all the action is to the downside, though, with construction stock Chicago Bridge & Iron Company N.V. (NYSE:CBI), medical equipment specialist OraSure Technologies, Inc. (NASDAQ:OSUR), and big bank JPMorgan Chase & Co. (NYSE:JPM) all higher this afternoon. Here's a quick look at what's lifting shares of CBI, OSUR, and JPM.
CBI Stock On Track for Best Day Ever After Westinghouse Win
Chicago Bridge & Iron shares are at the top of the Big Board, up 33.3% to trade at $19.19, on track for their biggest one-day percentage gain on record. Boosting the stock is a favorable ruling from the Delaware Supreme Court over Toshiba unit Westinghouse Electric's 2015 takeover of CBI's Shaw nuclear division.
Today's pop marks a change of pace for CBI stock, which was down 55% year-to-date heading into today's trading -- and hit a seven-year low of $12.91 last Wednesday, June 21. A number of short sellers recently cashed in their winning bets on the stock, too. Short interest fell 11.5% in the two most recent reporting periods. Nevertheless, 10.97 million shares are still sold short, or 11.1% of the equity's available float.
OSUR Stock Hits New High After Gates Foundation Funding Deal
OraSure Technologies shares hit a 17-year high of $17.68 earlier -- last seen trading up 9.9% at $17.27 -- after the company inked a four-year funding deal with the Bill & Melinda Gates Foundation to increase availability to its OraQuick HIV self-test. In response, Canaccord Genuity raised its price target on the stock to $18 from $15, saying this deal "helps open the spigot" for OSUR.
The shares have now nearly doubled in value on a year-to-date basis, and short sellers could start covering. Short interest jumped 8.6% in the reporting period ended June 15 to 3.96 million shares -- the most since early April.
JPM Stock Jumps After Consumer Confidence Shocker
JPMorgan Chase shares have jumped 1.7% to trade at $88.70, as bank stocks get a lift from an unexpected rise in consumer confidence this month. Specifically, the Conference Board said consumer confidence jumped to 118.9 in June versus expectations of a drop to 116, while the "present" situation index hit a nearly 16-year high of 146.3.
JPM stock is now extending its lead in positive year-to-date territory, and could find support atop previous resistance in the $88 region. A continued rise could prompt analysts to upwardly revise their ratings -- and possibly draw more buyers to the equity's table. Of the 18 brokerages following the Dow stock, 10 maintain a "hold" or "strong sell" rating.