Dow Set to Snap Winning Streak After Walmart, Cisco Earnings

The Dow's win streak could end at four today

by Patrick Martin

Published on Aug 17, 2017 at 12:07 PM
Updated on Aug 17, 2017 at 12:14 PM

The Dow Jones Industrial Average (DJIA) is trading lower at midday -- on track to snap its four-session winning streak -- pressured by negative earnings reactions for blue chips Cisco Systems and Wal-Mart. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) have joined the Dow in the red, as political anxiety ramps up in D.C. following an early morning series of tweets from President Donald Trump. Traders are also digesting a round of earnings reports, including weaker-than-expected industrial production numbers, ahead of afternoon speeches from Dallas Fed President Robert Kaplan and Minneapolis Fed President Neel Kashkari. 

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

  • Buy calls on this tech stock right now.
  • The software stock at record highs after earnings.
  • Plus, red-hot call buying for BABA stock; Valeant rallies; and another retailer sinking after earnings.

Midday market Stats Aug 17

Among the stocks with unusual options volume is online retail concern Alibaba Group Holding Ltd (NYSE:BABA), with roughly 333,000 calls traded. That's six times the average intraday pace, and BABA call volume so far today is on pace to finish in the 100th percentile of its annual range. BABA stock is currently up 4.5% to trade at $166.66 -- fresh off a new record high of $166.85 -- after a post-earnings burst.

Drug stock Valeant Pharmaceuticals Intl Inc (NYSE:VRX) is trading higher, up 2.8% at $14.56 and near the top of the New York Stock Exchange (NYSE) today. VRX said it is working on resolving issues at its Tampa facility highlighted by the Food and Drug Administration (FDA). VRX is up 76% from its late-April lows near $8.30, but continues to stare up at its 40-day moving average since its Australian audit issue earlier this month.

Midday Market Chart VRX Aug 17

L Brands Inc (NYSE:LB) is among the worst stocks on the NYSE, down 11% to trade at $35.23, after earlier hitting a five-year low of $35, after the retailer lowered its guidance this morning and reported a decline in same-store sales. It's been a tough year for LB stock, which has shed 52% year-over-year, and is currently short-sale restricted.


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