Dow Jones Industrial Average Down; S&P, Nasdaq Retreat from Record Highs

Analyst: Record Highs Ahead for 'Underappreciated' Dow Stock

May 8, 2017 at 11:59 AM
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After hitting record intraday highs earlier, the S&P 500 Index (SPX) and Nasdaq Composite (COMP) have joined the Dow Jones Industrial Average (DJIA) in negative territory. Given the modest range in which stocks have traded today, it appears the results of the French presidential election were largely priced in. Traders are also mulling over mixed comments from Cleveland Fed President Loretta Mester -- who warned of a possible recession, should the Fed "delay too long in taking the next normalization step" -- and St. Louis Fed President James Bullard, who said, "The policy rate is approximately at an appropriate setting." This comes after last week's Fed meeting and jobs report strengthened the case for a June rate hike

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

  • Analyst: "Underappreciated" Dow stock headed to all-time highs.
  • What has the most expensive stock trading lower?
  • Plus, Kite Pharma options; Horizon Pharma sinks to new lows; and Petmeds hits an all-time peak.
  • Schaeffer's Top 5 Trading Education Topics, Day 1: Struggling to select the "right" option to trade? Let three of our top analysts be your guide in Trader Q&A: How to Choose the Right Option.

stock market today

Among the names with accelerated options activity is Kite Pharma Inc (NASDAQ:KITE), with the contracts trading at eight times the intraday pace, and volume on track to settle in the 100th annual percentile. KITE stock is trading down 12.2% at $71.76 -- and short-sale restricted -- after a patient testing its lead cancer treatment died, and it looks like new short positions are possibly being initiated at KITE's June 80 call, the stock's most active option.

Horizon Pharma PLC (NASDAQ:HZNP) is one of the biggest decliners on the Nasdaq, after the biotech reported weak quarterly earnings and offered up a dismal forecast. The company also said it was buying River Vision Development Corp. At last check, HZNP stock was down 31% at $10.74, and earlier hit a two-year low of $10.35.

hznp stock daily chart may 8

Petmed Express is one of the biggest advancers on the Nasdaq, after the pet medication retailer unveiled strong earnings and boosted its quarterly dividend. After hitting a record high of $28.65 earlier, PETS stock was most recently trading up 17.4% at $28.44.

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