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LAKE, LE, and TKMR are moving sharply in Wednesday's trading
Around midday, three of the top market movers are safety equipment maker Lakeland Industries, Inc. (NASDAQ:LAKE), drug developer Tekmira Pharmaceuticals Corporation (NASDAQ:TKMR), and apparel designer Lands' End, Inc. (NASDAQ:LE). Here's a quick roundup of how LAKE, TKMR, and LE are performing on the charts so far.
- LAKE has jumped nearly 9.5% to trade at $12.29, on news that President Barack Obama will urge Congress to approve more than $6 billion in emergency Ebola funds -- which could be used to buy the company's protective suits and other equipment. Longer term, the shares have now more than doubled year-to-date, and have outperformed the broader S&P 500 Index (SPX) by 44 percentage points over the last three months. Still, not everyone is on Lakeland Industries, Inc.'s bullish bandwagon. In fact, close to 32% of the stock's float is sold short -- though this would take less than two days to buy back, at LAKE's average daily trading volume.
- TKMR is also getting a boost from the aforementioned Ebola-funding news, up 7.5% at $15.21. Longer term, the shares have advanced more than 90% year-to-date -- though they've been on a sharp decline since hitting an early October high of $29.93. On the sentiment front, the brokerage crowd remains bullishly skewed toward Tekmira Pharmaceuticals Corporation. Two-thirds of covering analysts rate the stock a "buy" or better -- with not a single "sell" to be found -- and TKMR's consensus 12-month price target resides in all-time-high territory, at $36.86.
- LE has tumbled almost 10% to hover near $45.76, following a poorly received third-quarter earnings report. While the firm's earnings rose 26% year-over-year, revenue and same-store sales both dropped around 3%. On the charts, Lands' End, Inc. had been trending higher atop support from its 40-day moving average, but gapped below this trendline out of the gate. This move is likely being cheered by short sellers. Almost 23% of the equity's float is sold short, which would take seven sessions to buy back, at LE's typical daily trading level.