Stocks are trading lower this afternoon, amid rising concerns that Senate Republicans' tax plan could delay corporate tax cuts to 2019. Among the stocks making big movesare online discount retailer Overstock.com, Inc. (NASDAQ:OSTK), biotech company Marinus Pharmaceuticals Inc (NASDAQ:MRNS), and tech concern Infinera Corp. (NASDAQ:INFN). Here's a quick look at what's moving shares of OSTK, MRNS, and INFN.
OSTK stock is up 22.2% at $49, and just touched a 12-year high of $51.79, after the retailer reported a narrower-than-expected third-quarter loss. Overstock shares also received a price-target raise from D.A. Davidson, to $85 from $57 -- which would represent a record high. The stock is now up more than 200% year-over-year, with its 20-day moving average acting as recent support.
Despite the security's huge gains in 2017, short interest on OSTK rose nearly 17% during the last two reporting periods, and now represents more than 23% of the stock's total available float.
Shares of MRNS have moved higher after fellow pharmaceutical concern SAGE Therapeutics reported successful data on its postpartum depression drug, as Marinus is testing a similar treatment. MRNS stock was trading up 14.4% at $7.60, at last check, just trailing its early October two-year high. This halo lift has brought MRNS up a whopping 652% for 2017.
Nevertheless, short interest for Marinus stock grew a substantial 66% during the past two reporting periods, and represents more than 20% of the stock's available float.
Infinera stock is among the worst of the Nasdaq today, after the firm reported earnings and offered up a disappointing fourth-quarter forecast. In response, the shares received no fewer than five price-target cuts, including from Jefferies (to $8 from $9) and Craig-Hallum (to $10 from $15). At last check, INFN stock was trading down 25% at $6.55, just off a four-year low of $6.44.
Analysts following the tech stock were split before earnings, with seven of 14 offering "strong buy" ratings, and the remaining seven sporting tepid "hold" recommendations. Should INFN extend its retreat, a round of downgrades could exacerbate selling pressure.