GE is bouncing after hitting an eight-year low on Monday
It's a mixed session on Wall Street, after the U.S. stock market logged its best day in two years on Monday. The Dow Jones Industrial Average (DJI) was last seen trading comfortably higher on tailwinds from General Electric (GE), while the S&P 500 Index (SPX) is modestly higher, as traders weigh strong housing data against an unexpected drop in the Conference Board's consumer confidence index for March. The Nasdaq Composite (IXIC) is in the red, though, as Facebook (FB) drops amid reports CEO Mark Zuckerberg will testify before Congress. Plus, Bloomberg reported the Trump administration is weighing possible restrictions to Chinese investment in some U.S. technologies.
Continue reading for more on today's market, including:
- Analyst: This penny stock can double.
- 2 sinking blockchain stocks.
- Plus, GE bulls call a bottom; Tesla tests key support; and mall REITs sink.
Among the stocks with unusual options volume today is General Electric Company (NYSE:GE), with more than 215,000 calls on the tape -- five times what's typically seen, and volume pacing in the 100th annual percentile. Trade-Alert highlights 20,000 April 15 calls that were likely bought to open for 13 cents apiece, pointing to expectations GE shares will rally back above $15 in the next few weeks. The embattled Dow stock hit an eight-year low of $12.76 yesterday, but was last seen up 4.3% at $13.45.
Shares of Tesla Inc (NASDAQ:TSLA) are trading lower today, after Alphabet's (GOOGL) Waymo unveiled a self-driving electric SUV earlier today. In addition, Citi Research initiated a 90-day downside catalyst watch ahead of next week's Model 3 update. TSLA stock was last seen down 2.5% at $296.64 -- slipping below the $300 mark, which has served as a floor since early November.
Macerich Co (NYSE:MAC) is the worst SPX stock at midday, down 5.2% to trade at $54.85. The shopping center real estate investment trust (REIT) is getting pressured by news that Brookfield Property Partners (BPY) plans to buy out the remainder of GGP (GGP) it doesn't already own in a deal that values the latter at around $23.50 per share -- a "weak price point," according to Deutsche Bank.