Dow Weekly Win Streak Set to End as Stocks Fall

The Senate tax plan proposal is holding back stocks again

Nov 10, 2017 at 11:57 AM
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Stocks are lower for the second straight day, as fears surrounding the Senate's tax plan continue to hover over markets. More specifically, investors are discouraged by reports of a delay to corporate tax cuts. The Dow Jones Industrial Average (DJIA) is pacing for its first weekly decline in nine weeks, though Disney (DIS) stock's post-earnings pop is keeping the losses in check. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are both set to close the week in the red, as well, despite strong gains today from chip and retail stocks. Meanwhile, the CBOE Volatility Index (VIX) -- or the stock market's "fear gauge" -- is pacing for its biggest weekly gain since August.

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

  • 3 retail stocks slammed by analysts.
  • The FDA news lifting red-hot Dynavax Technologies.
  • Plus, options traders hit pharmacy stocks on Amazon buzz; a soaring software stock; and Intrexon sinks.

midday market stats nov 10

Among the stocks with unusual options volume are CVS Health Corp (NYSE:CVS) and Walgreens Boots Alliance Inc (NASDAQ:WBA), as traders react to speculation Amazon (AMZN) may not enter the pharmacy business. Call volume is accelerated on both names. For CVS, bulls appear to be buying to open the weekly 11/10 69.50- and 70-strike calls, while WBA bulls are likely buying to open the weekly 11/10 70-strike calls. As such, the traders are expecting additional upside from the stocks through today's close, when the contracts expire. CVS stock was last up 2% at $70.38, while WBA shares are 1.6% higher at $70.26.

One stock making a big move on the NYSE is software concern Alteryx Inc (NYSE:AYX). The company topped Wall Street's estimates in the earnings booth last night, and the shares have so far rallied 17.6% in response, to trade at $25.68, earlier touching a record peak of $25.95. AYX opened for trade back on March 24 at $17.25, above its $14 IPO price.

On the other hand, drugmaker Intrexon Corp (NYSE:XON) is underperforming on the Big Board, after a top- and bottom-line earnings miss. XON stock was last seen 18.5% lower at $12.94, landing on the short-sale restricted list and earlier hitting a three-year low of $12.57. The equity has lost more than half its value over the past year.

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