Apple Drags Dow Jones Industrial Average, Nasdaq Lower

2 Spiraling Tech Stocks

May 3, 2017 at 11:56 AM
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Apple Inc.'s (NASDAQ:AAPL) disappointing iPhone sales are weighing on U.S. stocks today, with the Dow Jones Industrial Average (DJIA) trading in negative territory at midday. Additionally, the tech giant's earnings reaction has kept the Nasdaq Composite (COMP) from extending its recent string of record highs. AAPL earnings are largely overshadowing this morning's better-than-expected private-sector jobs data, which hit ahead of today's policy announcement from the Fed. While the central bank isn't expected to raise interest rates at this meeting, traders will be looking for clues on a possible June rate hike. 

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

  • 2 tech stocks spiraling after earnings.
  • 4 reasons we didn't trade put options on this bank stock.
  • Plus, post-earnings options traders pounce on Groupon; big gains for Weight Watchers stock; and fundamental woes sink this energy stock.

stock market may 3

Among the names with accelerated options activity is Groupon Inc (NASDAQ:GRPN), with the contracts trading at 10 times the average intraday pace. With GRPN short-sale restricted after a first-quarter revenue miss, puts are in high demand. More than 10,000 puts have changed hands -- 18 times what's typically seen -- with volume on pace to settle in the 100th annual percentile. GRPN stock was most recently seen down 12.6% at $3.50.

One of the biggest advancers on the New York Stock Exchange (NYSE) is Weight Watchers International, Inc. (NYSE:WTW), after the weight management name unveiled a standout earnings report and upwardly revised forecast. At last check, WTW stock was trading up 14.9% at $24.35, after earlier hitting an annual high of $25.20.

wtw stock daily price chart may 3

Anadarko Petroleum Corporation (NYSE:APC) is one of the biggest decliners on the S&P 500 Index (SPX), after a Colorado fire department linked a deadly home explosion to one of the oil company's wells. A wider-than-expected first-quarter loss and pair of downgrades are only adding to APC stock's woes, with the shares down 8.9% to trade at $51.27.

 

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