Energy, FAANG Stocks Lead Market Pullback

FAANG stocks are some of today's biggest losers

Aug 15, 2018 at 11:54 AM
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Stocks are selling off today due to the escalating tensions surrounding Turkey. With the Dow Jones Industrial Average (DJIA) down more than 250 points so far today, the Cboe Volatility Index (VIX) is spiking once again, set for its highest close in a month. Sharp losses from the energy and tech sectors are weighing down the S&P 500 Index (SPX) and Nasdaq Composite (IXIC), too, with the former being punished as September-dated crude futures sink $2.30, or 3.4%, to trade at $64.74 per barrel, following a major uptick in domestic stockpiles. Meanwhile, big pullbacks from FAANG stocks are headlining tech's struggles.

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

  • A $4 billion investment boosts marijuana stock Canopy Growth.
  • 2 analysts see major upside for Chipotle stock.
  • Plus, options bears bet against Best Buy; a soaring stock for pet lovers; and Alibaba hits fresh lows.

midday market stats august 15

One name seeing notable options trading today is Best Buy Co Inc (NYSE:BBY), as put volume pops to unusual levels. Puts were last seen crossing at five times the pace expected, thanks to heavy volume at the August 76.50 strike, as well as the September 77.50 and 80 strikes. BBY stock is no stranger to pessimism despite its 30% year-over-year lead, but put buying has actually been outpaced by call buying during the past 10 days at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). Shares of the retailer were last seen 2.6% lower at $76.46.

One of the best stocks on the Nasdaq is PetIQ Inc (NASDAQ:PETQ), as shares of the animal health expert soar nearly 26% to trade at $35.53, earlier hitting an all-time high of $36.27. Prompting the bull gap is the company's blowout second-quarter sales numbers, on top of a better-than-expected full-year revenue outlook, and round of bullish brokerage notes. PETQ stock has now roughly doubled since dipping below $18 back in May.

petiq stock

Another down day for Asian tech stocks has U.S.-listed shares of Alibaba Group Holding Ltd (NYSE:BABA) trading at fresh year-to-date lows. BABA shares were last seen 3.1% lower at $167.24, extending their losses as the day goes on. Aside from the U.S.-China trade drama, weak earnings from Shenzhen's Tencent is weighing on some of China's most high-profile stocks.

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