KITE, GIMO, and TRCO stocks are making notable moves on the charts today
U.S. stocks are struggling to hold gains this afternoon. Among specific stocks on the move are drug stock Kite Pharma Inc (NASDAQ:KITE), tech issue Gigamon Inc (NYSE:GIMO), and media concern Tribune Media Co (NYSE:TRCO). Here's a quick look at what's moving shares of KITE, GIMO, and TRCO.
KITE Stock Falls After Patient Death
KITE stock has landed on the short-sale restricted list today, down 11.2% at $72.60, due to disappointing first-quarter results, and news that a patient died in its lead CAR-T therapy study. Still, the shares earlier found a floor at their rising 80-day moving average, and still sport a roughly 62% year-to-date lead. Analysts certainly have high expectations for Kite Pharma Inc, with 10 of the 14 covering brokerage firms rating the stock a "buy" or "strong buy."
Gigamon Stock Soars on Elliott Management Stake
GIMO stock is one of the top gainers on the New York Stock Exchange, adding 17.7% to trade at $41.20, thanks to news hedge fund Elliott Management has taken a roughly 15% stake in the company. The shares are set for their highest close since Jan. 18, but remain below their year-to-date breakeven point of $45.55. Options traders are likely cheering today's price action, though. Data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) reveals a 10-day call/put volume ratio of 5.47 for Gigamon Inc, which ranks in the 78th annual percentile.
Sinclair Buyout Sends Tribune Media to New High
TRCO stock earlier hit an annual high of $43.04, and was last seen up 5.3% at $42.43, after Sinclair Broadcast Group Inc (NASDAQ:SBGI) said it planned to buy Tribune Media in a cash-and-stock deal worth $3.9 billion -- or $43.50 per share. Tribune Media Co had been gaining on the charts due to the M&A chatter, and today's move puts its 2017 advance at 44.5%. Some options traders may have been betting against the possibility of a buyout, based on TRCO's Schaeffer's put/call open interest ratio (SOIR) of 1.25. This reading ranks in the 95th percentile of its annual range, pointing toward a very unusual put-skew among options that expire in three months or less.