S&P, Nasdaq Set to Snap Losing Streaks as Dow Lags

Apple, meanwhile, has swung lower

by Emma Duncan

Published on Sep 10, 2018 at 12:13 PM
Updated on Sep 10, 2018 at 12:23 PM

U.S. stocks are mixed at midday, with the Dow Jones Industrial Average (DJI) modestly lower after Apple (AAPL) stock erased its earlier gains. This comes after BofA-Merrill Lynch suggested iPhone prices could rise 20% should production move back to the U.S., as suggested in a weekend tweet from President Donald Trump, and is offsetting impressive gains from a handful of blue-chips such as Nike (NKE) and Home Depot (HD). However, the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are higher, on track to end a four-session losing streak.

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

  • One analyst is targeting nearly 200% upside for this retail stock. 
  • The Dow stock plunging on an analyst downgrade.
  • Plus, VFC's call options surge; Eros International lands licensing deal; and the plunging biotech.

Midday Chart Sept 10

The North Face parent VF Corp (NYSE:VFC) is sporting unusual options volume today, ahead of the company's Vans Brand investor meeting this Wednesday, Sept. 12. VFC is up 0.7% at $90.08, with  roughly 8,000 calls -- compared to fewer than 350 puts --- on the tape so far, seven times the average intraday pace.The September 90.50 and 92.50 calls are most active, due to what could possibly be the initiation of a call ratio spread. On the charts, VFC has picked up nearly 22% year-to-date. 

One of the top stocks on the New York Stock Exchange (NYSE) today is Eros International Plc (NYSE:EROS), after the entertainment production company announced a licensing deal with Chinese video streaming service iQiyi (IQ). EROS has gapped 5.4% higher to trade at $11.65, recovering slightly from Friday's four-month low of $10.55. Eros stock has shed over 21% from its late-June peak, and is just below breakeven year-over-year.

One stock sitting near the bottom of the Nasdaq today is Acorda Therapeutics Inc (NASDAQ:ACOR), after the biotech's appeal to revive its Ampyra patents was denied. The stock has plunged 15.9% to $23.18, trading back below its 320-day trendline for the first time since late April. But despite falling 29% over the past three months, ACOR stock continues to cling onto an 8% year-to-date gain.

Daily Chart of ACOR with 320 MA

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