Dow Nosedives on Tax Plan Fears

The DJIA is in danger of snapping its seven-session winning streak

Nov 9, 2017 at 11:59 AM
facebook twitter linkedin


Stocks are struggling today, with the Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) all well below breakeven. Stock traders' risk-off attitude comes as worries surrounding the Republican tax plan persist ahead of the release of a revised version from the Senate. Investors are digesting the latest round of earnings, too, including a weak report from retailer Kohl's (KSS), and blue chip Walt Disney (DIS) and chip giant Nvidia (NVDA) will report earnings after the close. As of now, the Dow is pacing for its largest one-day drop in two months, and is set to snap a seven-day win streak.

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

  • The drug stock that's doubled today.
  • Inside Roku stock's huge post-earnings move.
  • Plus, call volume pops on Juniper Networks; a rallying retail stock; and CenturyLink sinks.

midday market stats nov 9

Among the stocks with unusual options volume is network equipment specialist Juniper Networks, Inc. (NYSE:JNPR), as the shares rise 2.3% to trade at $25.35, putting them on pace for their first close above the 20-day moving average in over a month. Calls are trading at six times the expected pace, thanks to buy-to-open activity at the weekly 11/10 25.50-strike call and the November 25.50 call. These bulls expect more upside from JNPR stock through the respective expiration dates of this Friday, and Friday, Nov. 17.

One stock making a big move on the Nasdaq is Overstock.com, Inc. (NASDAQ:OSTK), after the company's earnings release last night. The equity was last seen up 19% at $47.70, earlier hitting a 12-year high of $51.80. The stock has more than tripled during the past six months alone, crushing short sellers in the process.

Over on the NYSE, CenturyLink Inc (NYSE:CTL) is one of the biggest losers, due to its disappointing earnings report and outlook. CTL shares earlier hit a seven-year low of $14.60, and were last seen 8% lower at $14.97. The equity has now shed almost 40% during the past six months.

ctl stock


A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earnings guide for Q3 before it's too late!


  
 
Special Offers from Schaeffer's Trading Partners