S&P, Nasdaq Pull Back After Fresh Highs

The Dow is on track for another day of gains

Managing Editor
Oct 23, 2017 at 12:00 PM
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The Dow Jones Industrial Average (DJIA) is trading higher, looking to extend its winning streak to a seventh straight day, and just off a fresh record high. Traders are cheering a snap election victory for Japan Prime Minister Shinzo Abe, as well as increased expectations that President Donald Trump’s administration will be pushing forward with tax cuts. However, as tech stocks pull back, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) were trading lower at last check, but managed to hit record highs of their own earlier.

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

  • Analysts: This drug stock could double.
  • GE stock was hit with a double dose of downgrades.
  • Plus, the pharma stock getting destroyed; VF Corp's earnings beat; and Hasbro's humdrum holiday predictions.

Midday Market Stats October 23

Among the stocks with unusual options volume is pharmaceutical concern DBV Technologies (NASDAQ:DBVT), with more than 15,000 put options traded -- nine times the average intraday norm, and already the highest percentile of its annual range. The November 20, 30, and 35 puts are most popular, with the two latter options attracting spread activity. At last check, DBVT was down 50% at $25.47 -- and earlier just touched a fresh two-year low of $22.33 -- after the company reported negative data on its peanut allergy drug.

One of the biggest gainers on the New York Stock Exchange (NYSE) is apparel and accessories company VF Corp (NYSE:VFC). The shares of VFC are soaring after the company reported a third-quarter earnings beat and upped its full-year forecast. Shares of VFC were last seen up 6% at $70.03 , and earlier touched a two-year high of $71.95.

One of the worst stocks on the Nasdaq today is toymaker Hasbro, Inc. (NASDAQ:HAS), with the shares gapping 9% lower to trade at $89.83, after the company warned that the Toys 'R' Us bankruptcy will have a negative impact on holiday sales. HAS stock has now erased its quarterly gains, and has dropped 23% since its late July all-time high of $116.20.

Daily Chart of HAS Since Jan 2017



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