Dow, S&P Remain Lower With Oil

Energy stocks XOM and CVX are weighing on the DJI

Managing Editor
May 25, 2018 at 11:58 AM
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Stocks are mixed in afternoon trading, with the Nasdaq Composite (IXIC) slightly higher on a round of positive corporate earnings. However, the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are both lower, as traders continue to digest yesterday's North Korea meeting cancellation -- though President Donald Trump has since suggested the summit could still take place. In addition, sinking oil prices are weighing on energy names like Exxon Mobil (XOM) and Chevron (CVX). At last check, July crude futures were down 4% at $67.92 per barrel, amid reports that major oil suppliers could boost production. Regardless, all three indexes are still on track for weekly gains.

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

  • Analyst: Purchase shares of this FAANG partner.
  • FDA ruling could be great news for these pharma options traders
  • Plus, the restaurant stock plummeting on a quarterly miss; the healthcare stock soaring on a Dow partnership; and Hibbett Sports' post-earnings plunge.

Midday Market Stats May 24

Restaurant and bar operator Zoe's Kitchen Inc (NYSE:ZOES) is seeing a surge in options volume today, with roughly 16,000 puts traded so far -- a whopping 117 times the intraday norm, and nearly an annual high. Seeing notable action are the front-month June 10 and 15 puts. ZOES stock is 34% lower to trade at $9.58, falling after the company's first-quarter loss was steeper than expected. In addition, the firm cut its full-year sales forecast. Zoe's Kitchen stock is just off a new record low of $9.23, and now down 41% year-to-date.

One of the top performers on the New York Stock Exchange (NYSE) is healthcare facility and diagnosis concern Quest Diagnostics Inc (NYSE:DGX), with the stock gapping higher after the company announced a new contract with insurer and Dow name UnitedHealth Group (UNH). DGX stock is 6% higher to trade at $107.08, and earlier touched an intraday peak of $107.83 -- putting the shares on track for their biggest daily gain since late April. DGX has picked up 17% over the past six months.

One of the Nasdaq's worst performers today is sporting goods concern Hibbett Sports, Inc. (NASDAQ:HIBB), after the firm reported first-quarter earnings that missed estimates. In response, HIBB stock was last seen 14.6% lower at $24.72, set to close below its 20-week moving average for the first time in 2018. Earlier this week, the shares reached a fresh annual high of $29.50.

Real Weekly Chart of HIBB with 20MA


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