PYPL stock hit a new high today, while SBUX has wallowed to a fresh low
Stocks have given back their early morning gains, with the Dow Jones Industrial Average (DJI) dipping into the red and set to extend its daily losing streak to seven. While Walt Disney (DIS) shares continue to rise after the company's revised bid for Twenty-First Century Fox (FOXA) assets, the majority of Dow components are trading lower, perhaps due to lingering trade fears. On the other hand, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are keeping their heads above water thanks to tech sector strength, and the Cboe Volatility Index (VIX) is sliding.
Continue reading for more on today's market, including:
- What GE's exit could mean for the Dow.
- Walgreens options traders react to today's stock move.
- Plus, bull bets on PayPal to $100; Stitch Fix stock extends rally; and Starbucks hits fresh lows.
One name seeing heavy options trading today is PayPal Holdings Inc (NASDAQ:PYPL). The shares were last seen trading up 1.9% at $86.14 -- earlier hitting an all-time high of $86.97, and breaking through recent technical resistance. Meanwhile, both puts and calls are seeing accelerated trading today. The weekly 6/29 85-strike put and the weekly 7/6 86-strike call are the two most popular options overall, but the most interesting action could be taking place at the October 100 call. Data there points to buy-to-open activity, which would mean a bull is betting on PYPL stock breaking out above $100 in the coming months.
Online apparel stock Stitch Fix Inc (NASDAQ:SFIX) is outperforming on the Nasdaq, rising 3.5% to trade at $27.20, on pace for its best close since December. The shares seem to be simply extending their post-earnings upside, after the company torched Wall Street's expectations earlier this month. SFIX stock is up more than 43% in June alone.
Starbucks Corporation (NASDAQ:SBUX) is one of the worst Nasdaq stocks today, as the shares continue to sink following the company's disappointing same-store sales outlook. SBUX stock has given back 8.8% and was last seen at $52.35, fresh off a new annual low of $52.32. The equity has shed more than 12% year-to-date.
