U.S. stocks are exploding higher, after news hit that the Republican tax reform bill passed the House. Among the stocks making big movesare specialized pharmaceutical manufacturer Diplomat Pharmacy Inc (NYSE:DPLO), online payment issue PayPal Holdings Inc (NASDAQ:PYPL), and global media concern Viacom, Inc. (NASDAQ:VIAB). Here's a quick look at what's moving shares of DPLO, PYPL, and VIAB.
Diplomat Pharmacy stock is the biggest loser on NYSE, after receiving a downgrade to "neutral" from "outperform" at Baird, in response to the biotech's plan to acquire LDI Integrated Pharmacy Services for $595 million in cash and common stock. Baird also slashed its price target on DPLO to $18 from $24, saying it feels like Diplomat -- which bought National Pharmaceutical Services earlier this month -- "overpaid for another asset." DPLO was down 23% at $14.71, at last check, sliding below breakevenyear-over-year, and set to close beneath its 200-day moving average for the first time since August.
Short interest on DPLO fell nearly 7% during the past two reporting periods, but still represents19 days' of pent-up buying demand, at the stock's average pace of trading. However, Diplomat Pharmacy stock today is on the short-sale restricted (SSR) list, due to today's steep losses.
Shares of PayPal are trading higher after the firm upped its current-quarter guidance, and announced plans to sell $5.8 billion in credit assets to Synchrony Bank. The stock was last seen up 4.9% at $77.01, just off an all-time high of $77.31. PYPL shares have nearly doubled in 2017, recently ushered higher atop their 20-day trendline.
An exodus of options bears could further lift PayPal stock. The equity's Schaeffer's put/call open interest ratio (SOIR) of 1.06 is higher than 86% of all other readings from the past year, indicating near-term traders are more put-heavy than usual right now.
Viacom stock just touched an eight-year low of $22.13 today, after the media company reported lackluster quarter earnings and forecast declining affiliate sales for 2018. VIAB stock was down 4% at $23.58, at last check, and is down 39% year-over-year, with recent pressure from its 30-day moving average.
Viacom stock has joined the SSR list due to today's steep falls, but it looks like some bears are buying to open November 22 puts to bet on steeper declines by tomorrow's close, when the options expire.