Stocks Cautiously Higher After Sell-Off

Newly added Walgreens stock is weighing on the Dow at midday

Josh Selway
Jun 26, 2018 at 11:50 AM
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Stocks are managing only modest gains today in what has so far been a low-volume session. Unease over trade relations continues to keep buyers at bay following yesterday's massive sell-off, along with a lack of market-moving events. In the meantime, former blue chip General Electric (GE) is the top S&P 500 Index (SPX) performer in its first day of trading off the Dow Jones Industrial Average (DJI) -- while its replacement, Walgreens Boots Alliance (WBA), is at the bottom of the Dow.

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

midday market stats june 26

One name seeing heavy options trading today is Pandora Media Inc (NYSE:P), as traders bet on more near-term upside. Specifically, more than half of today's options volume has taken place at the weekly 6/29 8-strike call, where new positions are being opened. Buyers of these calls are anticipating shares of Pandora to rally above $8 by week's end, when the contracts expire. The stock was last seen 3% higher at $7.87, finding support again from the 20-day moving average and rising alongside rival Spotify (SPOT).

p stock price

At Home Group Inc (NYSE:HOME) is one of the best stocks on the New York Stock Exchange (NYSE) today. Shares of the big box retailer have jumped 6.5% to trade at $38.74, and earlier hit an all-time high of $40.74, thanks to a bull note from Morgan Stanley. The brokerage firm upgraded HOME stock to "overweight" from "equal weight," and lifted its price target to $47 from $35. 

Another Morgan Stanley note is having the opposite effect on car rental giant Hertz Global Holdings Inc (NYSE:HTZ), pushing it to the bottom of the NYSE. The brokerage firm said it was cautious on the U.S. car rental industry amid heightened competition and cost pressures. As such, HTZ shares have shed 11.1% to trade at $16.98, extending their downtrend from last October's peak around $27.


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