General Motors and Boeing are notable earnings losers today
Stocks are a mixed bag today, with the Dow Jones Industrial Average (DJI) down on subpar guidance from blue-chip Boeing (BA). The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are modestly higher, however, as a solid day for tech stocks overshadows a rough day for automakers, following ugly guidance from General Motors (GM). Looking ahead, social media giant and FAANG member Facebook (FB) will report earnings after the close today.
Elsewhere, President Donald Trump will speak with European Commission President Jean-Claude Juncker this afternoon, putting trade tensions back into the spotlight. Meanwhile, the Commerce Department said new home sales fell to an eight-month low in June, and the pace of May sales was revised lower.
Continue reading for more on today's market, including:
- The streaming stock downgraded ahead of earnings.
- Crocs stock finally received some analyst love.
- Plus, options bears target a Harley-Davidson stock pullback; GrubHub toasts a huge earnings beat; and Ford stock sinks with sector peers.
One name seeing notable options trading today is Harley-Davidson Inc (NYSE:HOG), where 4,519 puts have traded -- three times what's typically seen at this point, and volume pacing for the 95th percentile of its annual range. Among the most active today are the weekly 8/10 40 - and 44.50-strike puts, where it appears new bearish positions are being opened. Shares of the motorcycle name are down 2.9% to trade at $43.30 today, pulling back with auto stocks, after reporting upbeat quarterly results yesterday. Overall, HOG has shed 15% in 2018.
GrubHub Inc (NYSE:GRUB) is one of the best stocks on the New York Stock Exchange (NYSE) today, up 21.3% to trade at $132.27, and earlier touching a record high of $133, after the food delivery company reported second-quarter earnings and revenue beyond analyst expectations. It also forecast stronger-than-expected current-quarter sales. GRUB is on track for its best day since Feb. 8, and has now nearly tripled in the last 12 months.
Ford Motor Company (NYSE:F) is near the bottom of the S&P 500 today, down 3.7% to trade at $10.18, and just off a five-year low of $10.12. The auto stock is feeling the pressure from sector peers GM and Fiat Chrysler (FCAU), which both slashed their fiscal-year earnings forecasts. Ford reports its own second-quarter earnings after the close today.
