Dow Reverses Course After Early Record High

Travelers is the best Dow stock today after earnings

by Josh Selway

Published on Jan 23, 2018 at 11:58 AM

U.S. stocks are mixed at midday, though the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) all reached record highs earlier in the session. Netflix earnings have stolen the show today, as the well-received report provides tailwinds for the broader stock market. Comments from hedge fund legend Ray Dalio likely helped to spark a risk-on attitude, as well, after he told CNBC, "If you're holding cash, you're going to feel pretty stupid."

However, while the S&P and Nasdaq are holding modest gains, the Dow has slipped into negative territory. Dow component Travelers (TRV) is up 4.2% after well-received earnings -- but Procter & Gamble (PG) is down 2.8% after its own quarterly report, and Johnson & Johnson (JNJ) has shed 2.7% after warning of a $13.6 billion charge stemming from the new U.S. tax law.

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

  • 2 tech stocks soaring on strong forecasts.
  • The Elon Musk news boosting Tesla shares. 
  • Plus, a leisure stock on call buyers' radar; a red-hot Wall Street newbie; and a biotech getting burned.

midday market stats january 23

One stock seeing unusual options activity today is experiential vacation provider ILG Inc (NASDAQ:ILG). Options traders are targeting the security's March 30 call, where more than 5,000 contracts have crossed alone. On average, ILG sees just 627 calls trade per day. Trade-Alert notes that this option has seen heavy attention in recent months, with some traders likely betting on a breakout from ILG shares, which were last seen trading up 1.2% at $29.80.

One of the best Nasdaq stocks today is agricultural gene-editing specialist Calyxt Inc (NASDAQ:CLXT), last seen trading up 6.7% at $25.77. There doesn't appear to be any specific news behind the move, though the biotech group has been boosted by some multi-billion dollar M&A activity this week. CLXT shares appear to be testing another breakout from a bull flag chart pattern, which has occurred just above the 50-day moving average. CLXT only began trading publicly back in July, opening at $9.50.

CLXT stock price

Near the bottom of the Nasdaq is fellow biotech Insmed Incorporated (NASDAQ:INSM), after the company launched a convertible bond offering of $300 million. The offering is scheduled to price after today's closing bell. INSM shares were last seen trading down 8.4% at $28.28, but are still holding above the site of their early September bull gap.

A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earning announcements before it's too late!


  
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


Research Exposes Shortcut to Stock Market Wins
A simple way to stop picking losers, and start cashing in like Wall Street's elite.
Cannabis Stock Rally Cut Short after Downgrade
Aurora Cannabis did receive a price-target hike from Jefferies, though
Vaccines, China Trigger Roller Coaster Week for Stocks
Moderna's vaccine captured the attention of Wall Street
Research Exposes Shortcut to Stock Market Wins
A simple way to stop picking losers, and start cashing in like Wall Street's elite.