U.S. stocks are trading higher this morning after another positive round of earnings reports. Among the stocks making moves this morning are solar energy solutions provider First Solar, Inc. (NASDAQ:FSLR), retailer J C Penney Company Inc (NYSE:JCP), and drugstore chain CVS Health Corp (NYSE:CVS). Here's a closer look at what's moving shares of FSLR, JCP, and CVS.
After FSLR last night reported a substantial third-quarter earnings beat, J.P. Morgan raised its price target on the stock to $58 from $50, alongside a Bairdraise to $53, and a Cowen and Company hike to $60 from $57. Up 18.4% to $56.75 at last check, FSLR earlier touched a new annual high of $57.42, gapping away from recent support at its 80-day moving average.
Short interest on FSLR dropped by a massive 46% during the past two reporting periods, but still accounts for over 7% of the equity's available float. With a short interest ratio of 4.4 days to cover, some of the stock's post-earnings pop this morning could be the result of a short squeeze.
Shares of J C Penney have collapsed after the company slashed its 2017 profit and revenue guidance. At last check, JCP is down 19% at $2.96, just off its fresh record low of $2.76 set earlier in the session. Down 64% on the year, JCP recently endured a rejection at its 30-day moving average.
Near-term JCP options traders are put-heavy, as evidenced by the stock's Schaeffer's put/call open interest ratio (SOIR) of 2.38 -- which ranks in the 95th percentile of its annual range. And with 52% of the equity's float sold short, there are quite a few JCP bears cheering the stock's slump to all-time lows this morning.
CVS is making headlines after the drugstore chain reportedly submitted an offer to acquire healthcare benefits company Aetna (AET) for $200 per share, though neither company has confirmed or denied the speculation as of yet. CVS is down 2% at $71.84, with the stock also feeling the pressure of Amazon's (AMZN) freshly obtained pharmaceutical licenses.
At the ISE, CBOE, and PHLX, CVS stock sports a 10-day call/put volume ratio of 2.48, which ranks in the 96th percentile of its annual range. This top-heavy ratio suggests calls have been bought to open at a faster-than-usual clip relative to puts during the past two weeks, despite the stock's year-to-date drop of roughly 9%.