3M Stock, Rising Bond Yields Pressure Dow

Meanwhile, GOOGL's pullback is souring the tech sector

by Josh Selway

Published on Apr 24, 2018 at 12:04 PM

The Dow Jones Industrial Average (DJI) has moved lower following this morning's round of blue-chip earnings, with the blue-chip index pacing for a fifth straight loss, which would mark its longest daily losing streak since March 2017. A huge decline in 3M (MMM) shares is doing the most damage on the Dow, while Alphabet's (GOOGL) post-earnings slide is dragging down its fellow FAANG stocks -- and is a big reason the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also lower at midday. Outside of earnings, investors continue to monitor the 10-year Treasury yield, which topped 3% earlier for the first time in over four years.

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

  • Why Wells Fargo is bullish on Lowe's and Home Depot
  • Founder and CEO Bernie Schaeffer examines another major S&P level to watch.
  • Plus, Roku weekly calls popular; the software stock up 11%; and a Wall Street newcomer getting crushed.

midday market stats april 24

One name seeing unusual options activity is Roku Inc (NASDAQ:ROKU), with calls outpacing puts nearly 10-to-1. This is due to heavy buying activity at the weekly 4/27 34-strike call, where more than 2,000 contracts have crossed. These bulls are expecting ROKU shares to rise above $34 by week's end, when the calls expire. The stock is up 2% today at $32.90, after the company launched its Streaming Stick+ in Canada.

Software stock Cadence Design Systems Inc (NASDAQ:CDNS) is outperforming on the Nasdaq, up 11.4% at $40.91. The move comes after the company reported better-than-expected first-quarter results, while also raising its full-year outlook. CDNS shares have jumped atop their 80-day moving average for the first time since Feb. 1 -- though they topped out right near their year-to-date breakeven level.

cdns stock price

One stock underperforming on the Nasdaq is broadband network solutions provider Casa Systems Inc (NASDAQ:CASA), after the company announced another public share offering, even though it just went public back in December. A number of top shareholders are planning to trim positions as a result, and CASA stock was last seen 13.5% lower at $25.79 -- its worst day to date. Still, this is well above the initial public offering (IPO) price of $13.

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