Market Overview

Tuesday's Mid-Day Movers: Ambarella Retaliates; Sonic, BlackBerry Hit

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Following Monday’s market action, Tuesday has had some pretty big movers.

Winners

Ambarella Inc (NASDAQ: AMBA) was up 9 percent. The stock rebounded on Tuesday due to strong analyst ratings; Canaccord rated the semiconductor at a Buy with a $115 price target and reiterated a pullback is an opportunity for investors.

Second Sight Medical Products (NASDAQ: EYES) was up 8.5 percent. The medical device company reported positive three-year results of its Argus II Retinal Prosthesis System. Of 30 subjects tested, 29 resulted with functioning Argus II systems.

Green Dot Corporation (NYSE: GDOT) soared 35 percent. The bank holding company is in the green Tuesday after it concluded a new, five-year deal with Wal-Mart Stores, Inc. (NYSE: WMT) to manage and issue Wal-Mart's prepaid reloadable debit cards.

Momo Inc (NASDAQ: MOMO) was up 11 percent. The holding company is gaining on an offer to take it private again. Momo received a non-binding proposal from Yan Tang (CEO, chairman and co-founder) alongside Matrix Partners China II Hong Kong Huatai Ruilian, and Sequoia Capital China. The offer is for $18.90 per share to privatize the company.

Darden Restaurants, Inc. (NYSE: DRI) was up 4 percent. The parent company of Olive Garden is spinning off its real estate assets in hopes to raise cash to pay back debts. Darden plans to move 430 restaurants to a real estate investment trust to lease most of them back. This has been highly popular recently to retailing companies such as Sears and Macy’s.

Losers

Sonic Corporation (NASDAQ: SONC) was down 12 percent. The fast-food restaurant chain reported earnings of $0.36 per share, which met analyst expectations along with sales of $164.75 million, slightly above forecasts. Sonic also warned that the macroeconomic environment it's in may impact future results.

BlackBerry Ltd (NASDAQ: BBRY) was down 3 percent. The mobile communications and services provider reported a higher-than-expected loss in earnings and sales for the first quarter, though its technology and software licensing revenue is up more than 150 percent from the previous year’s quarter.

GasLog Partners LP (NYSE: GLOP) was down 8 percent. The liquefied natural gas operator is declining due to the pricing of its public offering of common stock. GasLong priced 7.5 million of common shares at $23.90, down from $24.99 close on Monday.

Epizyme Inc (NASDAQ: EPZM) was down 7 percent. Epizyme moved big Monday, rising more than 25 percent on positive blood cancer drug data. The decrease in Tuesday’s session is due to a rising number of shares being traded after a positive gain.

 

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