FAANG Pullback Sinks Nasdaq

A rough day for tech is overshadowing strong CAT earnings

by Patrick Martin

Published on Jul 30, 2018 at 11:50 AM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJI) is lower to start the week, despite a strong earnings report from blue chip Caterpillar (CAT). The S&P 500 Index (SPX) is in the red as well, and the Nasdaq Composite (IXIC) is sharply lower due to a pullback in FAANG and tech stocks. Elsewhere, markets are preparing for the start of the Fed meeting tomorrow, while oil prices continue to climb to their highest point in over three weeks, with September-dated crude futures up $1.60, or 2.3%, at $70.31 per barrel.

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

  • Record highs are expected for this stock after earnings.
  • One analyst set a lofty target for Amazon stock.
  • Plus, options bears target Take-Two stock ahead of earnings; Advanced Micro Devices soars to new highs; and Twitter stock extends its skid.

Midday Market Stats July 30

One name seeing notable options trading today is Take-Two Interactive Software, Inc. (NASDAQ:TTWO), as more than 3,000 puts have traded -- three times the intraday norm, with put volume pacing in the 98th percentile of its annual range. Among the most active option today is the September 100 put, where it appears most of the activity is of the buy-to-open variety. Shares of the video game maker are down 6.1% to trade at $115.150 today, and the video game concern will report earnings after the close on Thursday, Aug. 2.

Advanced Micro Devices, Inc. (NASDAQ:AMD) is once again one of the best stocks on the S&P 500 today, up 3.9% to trade at $19.68, and earlier touching an 11-year high of $20.18, after the semiconductor concern received price-target hikes to $26 and $25, respectively, from Northland Capital and Cowen. AMD stock has now more than doubled off its 2018 lows, and just turned in its best week since early January.

Twitter Inc (NYSE:TWTR) is one of the worst stocks on the S&P 500 today, down 4% to trade at $32.25, fresh off its worst week since 2015 in the wake of a dismal earnings report on Friday. Earlier today, three brokerage firms issued price-target cuts to the social media stock, including to $23 at MoffettNathanson. Wedbush, on the other hand, raised its price target to $37. TWTR shares are now in danger of closing below their 160-day moving average for the first time since September.

MMC Daily Chart TWTR


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