Dow Futures Signal Cautious Open as Trade Meeting Looms

Meanwhile, there's big M&A news in the healthcare space

Mar 8, 2018 at 9:13 AM
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Futures on the Dow Jones Industrial Average (DJI) are trading cautiously above fair value this morning as Wall Street continues to monitor the White House's tariff plans. In a tweet this morning, President Donald Trump said he was looking forward to a 3:30 p.m. ET meeting on the subject. This comes after more than 100 Republicans from the House of Representatives signed a letter urging the president to "reconsider the idea of broad tariffs." Traders are also digesting weekly jobless claims, which came in higher than expected, as well as an announcement from health insurer Cigna (CI) that it plans to buy Express Scripts (ESRX).

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

  • Yesterday's big blockchain announcement boosted this penny stock.
  • This tech stock has doubled in recent months -- and analysts aren't paying attention.
  • Call traders are piling on chipmaker Marvell Technology before earnings.
  • Plus, another big Netflix note; more changes at Wynn Resorts; and the retailer in the M&A spotlight again.

stocks today

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 870,868 call contracts traded on Wednesday, compared to 507,156 put contracts. The single-session equity put/call ratio moved back up to 0.58, and the 21-day moving average moved down to 0.65. 
  2. Analysts continue to battle it out over Netflix, Inc. (NASDAQ:NFLX) stock. Just a day after Stifel downgraded the streaming content giant on valuation concerns, GBH Insights released a note saying the company is "showing no signs of slowing down" and set a price target ot $375 -- well above NFLX's all-time peak of $325.79 from two days ago.
  3. Wynn Resorts, Limited (NASDAQ:WYNN) is again making headlines after two board members announced their plans to step down amid pressure from shareholders. The company also announced it's raising its dividend, which may have prompted price-target hikes to $200 at Jefferies and to $214 at Susquehanna. WYNN stock is up 3% in pre-market trading.
  4. Finally, Rent-A-Center Inc (NASDAQ:RCII) is finding itself in the M&A spotlight again after the company yesterday said it is in talks with a number of potential buyers. It also said it cut about 250 corporate jobs. RCII shares got a lift back in November after the company confirmed it received a buyout offer for $13 per share. The stock settled at $7.65 on Wednesday.
  5. Chain store sales and the Fed's balance sheet also come out today. On the busy earnings calendar is American Eagle (AEO), Buckle (BKE), Christopher and Banks (CBK), Chuy's (CHUY), Gain Capital (GCAP), Finisar (FNSR), Insys Therapeutics (INSY), Party City (PRTY), and VeriFone Systems (PAY).

stock market news march 8

Steel Stocks Guide Nikkei Higher

Stocks in Asia finished higher on Thursday, furiously paring losses after the White House hinted there could be exemptions to the tariffs on steel and aluminum. Japan's Nikkei rose 0.5%, led by a strong outing from steel stocks. South Korea's Kospi gained 1.3%, fueled by yet another burst from Samsung Electronics. Hong Kong's Hang Seng added 1.5%, while China's Shanghai Composite tacked on 0.5% thanks to a rise in exports in February.

Markets in Europe are mixed at midday, after the European Central Bank (ECB) decided to stand pat on interest rates, but turned more hawkish in its closely watched policy statement. ECB President Mario Draghi will speak this morning. London's FTSE 100 is holding on to a 0.1% lead, at last check, while the French CAC 40 is up 0.5%. Germany's DAX is down 0.3%, after a sharp drop in manufacturing orders.


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