By Patrick Martin / October 19, 2017 / www.schaeffersresearch.com /
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Markets are slumping today, with the Dow, S&P 500, and Nasdaq Composite all lower on the Black Monday anniversary. Telecom stock Verizon Communications (NYSE:VZ) and pharmaceutical firm Uniqure NV (NASDAQ:QURE) are higher today, while tobacco giant Philip Morris International Inc. (NYSE:PM) is sinking after earnings. Here's a quick look at what is moving shares of VZ, QURE, and PM.
Verizon Stock a Top Dow Gainer After Earnings Beat
Verizon stock is experiencing heavy trading volume on the New York Stock Exchange (NYSE) after delivering strong third-quarter
earnings results. The telecom company also reported increased subscribers that far exceeded analyst estimates. VZ stock is up 1.8% to trade at $49.53, and is the Dow's second best percentage gainer for the day. The boost today has VZ stock looking to finish above its 20-month moving average, a
key trendline, for the first time since December.
Short sellers are likely getting nervous. Short interest increased by 4% during the last reporting period to 38.65 million shares, and are at the highest point since April of 2016. Should VZ stock continue to rise, the bears could be forced to take cover.
QURE Stock at Top Of Nasdaq After Announcing Drug Trial Plans
Uniqure NV stock is up a whopping 55% to trade at $14.71, the best on the Nasdaq Composite today, after the company announced trial plans to advance its
hemophilia drug in 2018. The plans for advancement come after meeting with the Food and Drug Administration (FDA) and European regulators. Earlier today, QURE touched an annual high of $15.99, and has tacked on 141% year-to-date. Analysts are firmly in QURE's corner. All four of the analysts covering the biotech stock rate it a "strong buy."
Philip Morris Stock Cools Off After Earnings Miss
Philip Morris stock is down 4.8% to trade at $107.04, after reporting
third-quarter earnings below Wall Street estimates. The tobacco company also lowered its full-year guidance. Nevertheless, PM stock has still managed to tack on 18% year-to-date.
Despite the equity's struggles, options traders have preferred calls over puts during the past two weeks. On the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and the NASDAQ OMX PHLX (PHLX), PM sports a 10-day call/put volume ratio of 2.25, which ranks in the 93rd percentile of its annual range.