Traders are awaiting the May Fed meeting minutes
Stocks continue to trade lower this afternoon, as trade war worries between the U.S. and China resurface following the latest comments from President Donald Trump. The Dow Jones Industrial Average (DJI) is down triple digits, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also lower. Energy stocks are dipping with oil prices, with July-dated crude futures down 1% at $71.50 per barrel, following a surprise jump in domestic oil inventories. Meanwhile, financial stocks are down ahead of the release of the Fed's May meeting minutes, set for 2 p.m. E.T.
Continue reading for more on today's market, including:
- Deutsche Bank: Buy the dip on this retailer.
- The bond yield signal that could bode ill for stocks.
- Plus, LOW's unusual post-earnings options volume; the jeweler surging on a quarterly beat; and the burger chain that just fell onto the short-sale restricted list.
Home improvement retailer Lowe's Companies, Inc. (NYSE:LOW) is seeing a surge in options volume today, with roughly 32,000 calls and 33,000 puts traded so far -- about 10 times the intraday norm. Seeing notable action are the June and July 95 calls. LOW stock is 9.4% higher to trade at $93.83, soaring after the firm said it expects same-store sales to improve -- just one day after announcing a new CEO. LOW earlier peaked above $94 -- a level not topped since a late-February bear gap -- and has gained 29% over the past nine months.
One of the top performers on the New York Stock Exchange (NYSE) is jewelry retailer Tiffany & Co. (NYSE:TIF), after the company reported a first-quarter earnings beat and raised its full-year forecast, and announced a $1 billion share buyback plan. TIF stock has gapped 16.2% higher to trade at $118.79, and is fresh off a record high of $119.60. Tiffany stock is up 27% year-over-year.
One of the Nasdaq's worst performers today is burger chain Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB), after the company reported a first-quarter earnings miss and issued a lackluster forecast -- and in response received a slew of bear analyst notes. RRGB was cut to "hold" from "buy" at Stifel, and was hit with no fewer than five price-target cuts -- the most notable to $52 from $56 from Morgan Stanley. Red Robin stock is down 18.7% at $47.13, at last check, plunging straight onto the short-sale restricted list.