Dow Jones Industrial Average Grinds Higher Ahead of House Vote

The Biotech Down 50%; Plus, FANG Stock Flashing 'Buy'

Mar 24, 2017 at 12:01 PM
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The Dow Jones Industrial Average (DJIA) is grinding higher at midday, as the blue-chip index tries to snap a six-session losing streak despite uncertainty out of Washington. Specifically, traders continue to watch for a delayed vote on an Obamacare replacement bill in the House of Representatives, after President Donald Trump threatened to move on to his tax agenda if healthcare reform doesn't pass. Meanwhile, Wall Street is also considering this morning's strong batch of economic data. Yet even as the S&P 500 Index (SPX) and Nasdaq Composite (COMP) follow the Dow higher, U.S. stocks are set to close the week deep in the red, with the Dow on pace for its worst week since the election. 

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

  • The biotech stock that's down 50%. 
  • The "buy" signal flashing for this FANG stock
  • Plus, Twitter options traders target weekly calls; Under Armour's big day; and the retailer diving after earnings. 

stock market news today

Among the names seeing accelerated options trading today is Twitter Inc (NYSE:TWTR), as rumors fly the social media firm is considering a Tweetdeck subscription model. Calls are trading at two times the expected intraday pace so far, outpacing puts by roughly 4-to-1. Traders are eyeing the weekly 3/31 series, with likely buy-to-open activity taking place at the 15.50- and 16-strike calls. If this is the case, options traders are betting TWTR will rally above the strikes by next Friday's close, when the contracts expire. TWTR stock was last seen 2.2% higher at $15.26, but is struggling to overcome the 20-day moving average, which has served as resistance since last month's bear gap

Looking at the top of the New York Stock Exchange, Under Armour Inc (NYSE:UAA) continues to push higher, following this morning's big UAA upgrade at Jefferies. The shares have so far added 3.2% to trade at $19.58, but are still far removed from their year-over-year breakeven level above $42, after touching a three-year low of $18.40 earlier this week. 

On the flip side, GameStop Corp. (NYSE:GME) is one of the biggest losers on the NYSE, after the company's earnings release last night. After shedding another 12.2% today trade at $21.04, the shares are now facing a 30% year-over-year decline. As it stands now, GME stock is on pace for its lowest monthly close since August 2012. 

gme stock news

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