Russia, Tax Concerns Sink Stocks

Former Trump campaign manager Paul Manafort was indicted in a probe into Russia's election interference

Managing Editor
Oct 30, 2017 at 12:07 PM
facebook X logo linkedin

The Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) are trading lower, after former Trump campaign manager Paul Manafort was charged with "conspiracy against the United States" and "seven counts of failure to file reports of foreign bank and financial accounts," among other indictments. Rick Gates, a Manafort business partner, was also indicted by a special counsel investigating Russia's interference in the 2016 presidential election. Manafort and Gates are expected to appear before a judge at 1:30 p.m. ET.

In addition, stocks are reeling on reports that the House is weighing a plan that would gradually reduce the corporate tax rate, and Merck (MRK) stock is dragging the Dow lower after the company withdrew its European application for Keytruda. And despite an extended rally for tech stocks, the Nasdaq Composite (IXIC) is also in the red at midday, after earlier touching fresh record highs. 

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

  • Analyst: This pharma stock could triple.
  • The semiconductor stock nearing oversold territory.
  • Plus, Host Hotel's unusual pre-earnings volume; CalAtlantic's big merger; and the swooning aluminum stock.

Midday Market Stats October 30

Among the stocks with unusual options volume is hotel and resort concern Host Hotels and Resorts Inc (NYSE:HST), with over 4,500 call options traded -- eight times the average intraday norm, and on pace for the 96th percentile of its annual range. The December 20 calls are the most popular, with over 3,300 contracts traded. Most of the action is attributable to a sweep of 3,000 calls likely bought to open ahead of Host Hotels' earnings release on Wednesday. At last check, HST stock was down 0.3% at $19.36.

The biggest gainer on the New York Stock Exchange (NYSE) is homebuilder CalAtlantic Group Inc (NYSE:CAA). The shares of CAA are soaring after real estate concern Lennar Corporation (NYSE:LEN) agreed to buy CalAtlantic for $9.3 billion. The stock was last seen up 23% at $49.69, and earlier notched a 10-year high of $50.48 -- just shy of the $51.34 per-share offer price.

One of the worst stocks on the Nasdaq today is aluminum producer Century Aluminum Co (NASDAQ:CENX), with the shares 6% lower to trade at $14.24. J.P. Morgan Securities downgraded the stock to "neutral" from "overweight" after last week's earnings miss, and cut its price target to $14.50 from $22. CENX stock is now trading back below the $15 area, and is set to end beneath its 200-day moving average for the first time in 2017.

Daily Chart of CENX Since Jan 2017 with 200 MA


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI