Dow, S&P Retreat; Nasdaq Headed for 7th Straight Win

BA and INTC have turned up the heat on the Dow

by Karee Venema

Published on Mar 12, 2018 at 11:57 AM
Updated on Mar 12, 2018 at 1:59 PM

Payrolls-related tailwinds helped boost the Dow Jones Industrial Average (DJI) to a triple-digit lead in early trading, but the lingering optimism toward last Friday's jobs data has since evaporated. At last check, Dow was down more than 100 points -- pressured by big drops for Boeing (BA) and Intel (INTC) -- while the S&P 500 Index (SPX) has also turned lower. Meanwhile, the Nasdaq Composite (IXIC) is keeping its head above water after topping out at a record high earlier, and is on track for a seventh straight win -- which would mark its longest daily win streak since October.

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

  • Analyst targets two-year highs for this mining stock.
  • Citron Research: Short this FAANG stock.
  • Plus, M&A buzz boosts Oclaro options volume; and 2 volatile penny stocks.

midday market stats march 12

Among the list of stocks with unusual options volume today is Oclaro Inc (NASDAQ:OCLR), with roughly 14,000 contracts traded -- 10 times what's typically seen at this point in the day. OCLR stock is up 26.8% at $9.95, after Lumentum Holdings (LITE) agreed to buy the fiber optics specialist. The January 2019 10-strike call is most active, and it looks like traders could be buying the options to close.

Marathon Patent Group Inc (NASDAQ:MARA) is near the top of the Nasdaq today, after the patent acquirer has started bitcoin mining operations at its facility in Quebec, Canada. At last check, MARA stock was up 28% at $1.96, but is running out of steam near familiar resistance at its 10-day moving average.

daily mara chart march 12

Anthera Pharmaceuticals Inc (NASDAQ:ANTH) is the worst stock on the Nasdaq today, after the autoimmune diseases specialist said it would stop developing its lead drug, Sollpura -- which sought to treat digesting issues in patients with cystic fibrosis -- after it failed a late-stage study. The company is now going to explore strategic options. A price-target cut to $0.50 from $2 by Jefferies is only adding to the risk-off backdrop, with ANTH stock down 80.6% at $0.51, and earlier hitting a record low of $0.40.

A Schaeffer's exclusive!

The Expert's Guide

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



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

Look Who's Going Bankrupt Next in America
Porter Stansberry is making a concerning prediction.
First Week in April Provides More Coronavirus-Related Volatility
A slew of coronavirus-related news sent markets on another weekly roller coaster ride
Netflix Stock Heading into Historically Bullish Quarter
NFLX's 10-day moving average has stepped up as support lately
Look Who's Going Bankrupt Next in America
Porter Stansberry is making a concerning prediction.