Dow Plummets on Flynn, Russia Reports

However, hopes are on the rise for a Senate vote on tax reform

Emma Duncan

Managing Editor

Dec 1, 2017 at 12:22 PM

SPX
IXIC
HTZ
DJIA
DJI
BIG
AMBA

U.S. stocks have plummeted amid reports that former national security advisor Michael Flynn could testify against President Trump. The Dow Jones Industrial Average (DJIA) was down more than 350 points at its intraday low, after sources told ABC that Flynn will acknowledge Trump ordered him to initiate contact with Russians. Flynn today pleaded guilty to lying to the FBI, becoming the first of Trump's counsel to be charged in relation to the Russian collusion probe.

The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also swimming in red ink, but are off their session lows amid hopes for a vote on Senate Republicans' tax reform bill. Senate Majority Leader Mitch McConnell told reporters, "We have the votes."

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

The Dow has done this only twice in 56 years.
The Amazon competitor popping on a CEO shift.
Plus, Ambarella stock's unusual call volume; the car rental stock on the upswing; and BIG's post-earnings fall.

Midday Market Stats Dec 1

Among the stocks with unusual call options volume is Ambarella Inc (NASDAQ:AMBA), with roughly 12,000 call options traded -- seven times the average intraday norm, and on pace for the 99th percentile of its annual range. The January 60 and February 57.50 calls are among the most popular, with over 2,800 total contracts combined exchanged, amid heavy post-earnings activity. At last check, AMBA stock was up 19% at $64.69, bucking its trend of big downside earnings moves.

One of the top performers on the New York Stock Exchange is Hertz Global Holdings Inc (NYSE:HTZ), though the catalyst is unclear. HTZ stock was last seen 8.2% higher at $20.65, putting it well on its way of closing above its 20-day moving average for the first time in almost a month.

Daily Chart of HTZ Since Jan 2017 with 20MA

Meanwhile, one of the worst NYSE stocks is retailer Big Lots, Inc. (NYSE:BIG), as it falls despite stronger-than-expected third-quarter earnings and an upwardly revised full-year forecast. BIG stock was last seen 4% lower at $56.97, after touching a record high of $60.18 yesterday.

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