Dow Jones Industrial Average Struggles; Snap IPO in Focus

3 Stocks Getting Destroyed; Plus, A 'Top Pick' Before iPhone 8

Mar 2, 2017 at 12:09 PM
facebook twitter linkedin

The Dow Jones Industrial Average (DJIA) is trading lower at midday, as stocks continue to cool following Wednesday's 300-point surge. In the meantime, Wall Street is keeping a close eye on the Snap Inc (NYSE:SNAP) IPO, with the shares opening 39% above their IPO price, and popping 47% out of the gate to trade north of $25. Talk of rising interest rates is picking up, too, with Fed Governor Jerome Powell saying, "the case for a rate increase for March has come together." As the S&P 500 Index (SPX) and Nasdaq Composite (COMP) follow the Dow lower, oil prices are also under pressure, as April-dated crude futures fall 1.7% to $52.95 per barrel. 

Continue reading for more on today's market -- and don't miss:

  • 3 healthcare stocks getting destroyed. 
  • Analysts: This chip stock is a "top pick" ahead of the iPhone 8 release
  • Plus, Kite options heat up, Abercrombie & Fitch surprises, and Box forecast disappoints. 

stock market today march 2

Kite Pharma Inc (NASDAQ:KITE) is one stock seeing accelerated options trading today, as the biotech gives back some its weekly gains, following bearish analyst attention and after the firm priced a public stock offering at $75 a share, representing a discount to yesterday's close. The stock was last seen 5.6% lower at $75.20, and options are changing hands at three times the pace expected for this point in the day. The most popular contract is the March 75 put, but it appears sell-to-open activity is taking place here. In other words, speculators are betting on KITE holding above $75 -- the aforementioned price of the offering -- through the close on Friday, March 17, when the contracts expire. 

Abercrombie & Fitch Co. (NYSE:ANF) is near the top of the Big Board today, after the retailer announced a surprising rise in same-store sales for its Hollister brand. While the shares are up 11.9% at $13.08, they're struggling to overcome their 80-day moving average. Still, today's pop could be enough bury pre-earnings put buyers

Daily chart of ANF march 2

Among the worst performers on the NYSE is Box Inc (NYSE:BOX), as the content collaboration specialist's current-quarter forecast was weaker than Wall Street was hoping for. At last check, BOX shares were down 8.5% at $16.70, though they're still up 20.5% year-to-date. Plus, Canaccord Genuity was one of three brokerage firms to raise its price target on the stock, setting its mark at $22 -- territory not charted since BOX's first month of trading, in January 2015. 

Don't miss the stock market's big finish. Sign up now for Schaeffer's Market Recap.

Trader: Sell These 8 Stocks in 2021



Special Offers from Schaeffer's Trading Partners