Stocks Extend Sell-Off as Energy, Financials Weigh

Wells Fargo (WFC) stock is reacting to new Fed restrictions

by Emma Duncan

Published on Feb 5, 2018 at 12:01 PM

U.S. stocks are extending their worst sell-off in years. The Dow Jones Industrial Average (DJI) is trading in the red, down triple digits, despite blue-chip Apple's (AAPL) attempt to climb out of correction territory. While the Dow is off its session lows, energy stocks are keeping up the pressure, and financial stocks are following Wells Fargo (WFC) lower. The S&P 500 Index (SPX) is also lower at midday, as is the tech-rich Nasdaq Composite (IXIC), despite an early journey into positive territory. 

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

  • This bank stock's must-see "buy" signal.
  • The Apple supplier jumping on buyout buzz.
  • Plus, Century Aluminum's unusual options volume; an "attractive investment opportunity"; and the drug stock plummeting on TEVA news.

Midday Market Stats Feb 5

Among the stocks with unusual options volume today is aluminum product producer Century Aluminum Co. (NASDA:CENX), with more than 10,000 puts traded -- 69 times what's typically seen during the day, and already roughly three times the July 12 annual high for put volume. The catalyst is unclear, but most of the action is attributable to blocks of 5,200 contracts traded at the January 2019 15- and 20-strike puts, and the January 2019 35-strike call. At last check, CENX was trading up 3.9% at $21.83.

One of the top performers on the New York Stock Exchange today is oil and gas concern Resolute Energy Corp (NYSE:REN). Shares of REN are surging after Fir Tree Capital Management reported a nearly 9% stake in the stock, calling it an "attractive investment opportunity." At last check, Resolute stock was up 10% at $35.56, set to conquer both its 10- and 20-day moving averages for the first time since Jan. 23.

One of the worst performers on the Nasdaq today is drug concern Corcept Therapeutics Incorporated (NASDAQ:CORT), after the company received a letter saying sector peer Teva Pharmaceuticals (TEVA) submitted an abbreviated new drug application (NDA) for a generic version of Korlym. The news has CORT stock gapping 24% lower to trade at $18.16, at last check. Just last week, Corcept shares touched a record high of $25.96.

Daily Chart of CORT Since Feb 2017


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