Dow Dips with Disney; Tech Earnings Impress

Crude prices are taking a notable hit, as well

by Josh Selway

Published on Aug 8, 2018 at 11:49 AM
Updated on Aug 8, 2018 at 11:49 AM

Stocks are struggling for upside at midday, with the Dow Jones Industrial Average (DJI) last seen modestly lower. The recent tariff news out of China is seemingly the main headwind -- but Walt Disney's (DIS) poor earnings performance is weighing on the Dow in particular, as the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have managed narrow gains at midday amid solid tech earnings. Sliding oil prices are also in focus, with September-dated crude futures trading down $2.38, or 3.44%, at $66.79 per barrel. 

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

midday market stats aug 8

One name seeing notable options trading today is Dropbox Inc (NASDAQ:DBX), as traders continue to pick up puts ahead of the cloud company's earnings release tomorrow evening. Leading the way in today's action is the August 30 put, with most contracts crossing near the ask price, hinting at buy-to-open activity. If that's the case, these bears expect the equity to fall below $30 in the coming weeks. DBX shares are trading down 1.9% at $30.93, testing support at the 20-day moving average.

One of the best stocks on the New York Stock Exchange (NYSE) today is 3D Systems Corporation (NYSE:DDD), as a huge earnings beat lifts the shares up 35.2% to trade at $18.35 -- and they earlier touched a new 52-week high of $18.70. DDD entered 2018 trading in single-digit territory, and more upside could be ahead as short sellers cover their positions.

Elsewhere, CyberArk Software Ltd (NASDAQ:CYBR) is one of the biggest gainers on the Nasdaq, jumping 15% to trade at $71. The shares even tagged a three-year peak of $71.25 earlier, as Wall Street cheers the cybersecurity specialist's earnings beat. Today's rally brings CYBR's year-to-date lead north of 70%, yet half the analysts in coverage have just "hold" ratings.

cybr stock chart august 8

 

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