Stocks Trade Lower as Trump Legal Uncertainty Swirls

Trade tensions are weighing on markets, as well

Aug 23, 2018 at 12:00 PM
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The Dow Jones Industrial Average (DJI) is trading in the red today, as investors show caution amid the legal questions surrounding President Donald Trump, ongoing trade uncertainty, and a nine-month low in new home sales last month. These fears are also weighing on the S&P 500 Index (SPX) and the Nasdaq Composite (IXIC), despite some strength from the tech sector, with semiconductor stocks in particular gaining. As such, the Nasdaq's five-day win streak is in jeopardy. 

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

  • The highest price target yet on rallying AMD stock.
  • Sector tailwinds could boost Acacia Communications, analyst says.
  • Plus, Ford call buyers strike; an industrial stock at record highs; and Cato shares slip.

midday market stats august 23

One stock seeing unusual options activity today is Ford Motor Company (NYSE:F), with heavy buy-to-open activity seemingly taking place at the weekly 8/24 9.50-strike call. More than 12,000 contracts have crossed here so far, compared to fewer than 4,000 at the next closest option. Shares of Ford were last seen down 0.9% on the day at $9.60, after a recent breakout attempt was thwarted by the 20-day moving average.

ford stock chart

One of the best stocks on the Nasdaq today is Raven Industries, Inc. (NASDAQ:RAVN). Traders are cheering the industrial company's second-quarter financial results, sending equity rallying 9.3% at $44.85, and it earlier touched an all-time high of $47.35. RAVN stock has added roughly 40% over the past 12 months, but it's been largely ignored by analysts, considering there are only two in coverage.

Over on the New York Stock Exchange, accessories and apparel retailer Cato Corp (NYSE:CATO) is sliding. The company issued a cautious warning for margins going forward in 2018, and the shares have fallen 19.7% as a result, last seen at $19.09-- set to close below the 80-day moving average for the first time since March. Even though Cato issued weak same-store sales roughly a month ago, the stock went on to hit an annual high of $26.88 on July 26.


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