Dow Jones Industrial Average Drops With Intel; Nasdaq Outperforms

30 Stocks Ripe for a Short Squeeze

Mar 13, 2017 at 4:24 PM
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The Dow Jones Industrial Average (DJIA) closed lower, pressured by a negative reaction to Intel's $15.3 billion buyout of self-driving tech firm Mobileye. A continued drop in oil prices also weighed on investor sentiment, while a sell-off in healthcare stocks kept the heat on the S&P 500 Index (SPX) -- even as financial shares traded higher on expectations the Fed will raise interest rates this week. While the S&P managed to eke out an eleventh-hour win, the Nasdaq Composite (COMP) outperformed its peers, thanks to a strong day for tech stocks.

Continue reading for more on today's market, including:

  • 3 red-hot stocks at risk of a pullback.
  • 30 stocks ripe for a short squeeze.
  • Options traders blasted Bank of America and Citigroup ahead of the Fed.
  • Plus, small caps could struggle this week; pre-earnings bulls bombard Micron; and 2 stocks getting a Mobileye halo lift.

The Dow Jones Industrial Average (DJIA 20,881.48) explored an 80-point range, before settling down 21.5 points, or 0.1%. Thirteen of the 30 Dow components closed lower, led by Intel stock's 2.1% decline. Disney's 0.5% gain paced the 16 advancers, while Pfizer finished flat.

In a last-minute burst of buying, the S&P 500 Index (SPX - 2,373.47) eked out a 0.9-point, or 0.04%, gain. The Nasdaq Composite (COMP - 5,875.78), meanwhile, added 14.1 points, or 0.2%.

The CBOE Volatility Index (VIX - 11.35) gave back 0.3 point, or 2.7%.

Closing indexes summary march 13

NYSE and Nasdaq stats march 13

5 Items on Our Radar Today

  1. A blizzard is bearing down on the Northeast, with forecasters projecting more than a foot of snow will hit New York City tomorrow. The expected storm has prompted airlines to cancel flights, with American Airlines Group alone grounding roughly 1,900 flights through Tuesday. (CNBC)
  2. Marissa Mayer will receive $23 million in cash and stock as part of her "golden parachute" when she steps down as the CEO of Yahoo once the sale of its core internet business to Verizon Communications is complete. Mayer will also step down from Yahoo's board of directors. (CNET)
  3. Founder and CEO Bernie Schaeffer made a bearish case for the IWM small-cap ETF.
  4. Micron options traders are loading up on long calls ahead of earnings.
  5. Chipmaker Ambarella and car tech stock Dephi Automotive rose in step with Mobileye today, with the former gaining analyst attention for its self-driving car division.

Unusual options activity march 13
Data courtesy of Trade-Alert


Crude oil closed lower for a sixth straight day, after the Energy Information Administration (EIA) forecast a rise in U.S. shale oil output in April -- stoking concerns of a saturated domestic market. At session's end, crude for April delivery was down 9 cents, or 0.2%, at $48.40 per barrel.

Gold snapped its nine-session losing streak ahead of Wednesday's Fed decision and Dutch parliamentary elections. Gold slated for April delivery gained $1.70, or 0.1%, to settle at $1,203.10 an ounce.

Get your daily dose of Dow futures, stock news, and more with Schaeffer's Opening View.


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