Dow Muscles Higher as Nasdaq Lags

The Dow has traded on both sides of the aisle today

Managing Editor
Oct 15, 2018 at 12:06 PM
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The Dow Jones Industrial Average (DJI) has explored a roughly 185-point trading range on both sides of breakeven, last seen higher on a boost from Walgreens Boots Alliance (WBA). On the other hand, the tech-rich Nasdaq Composite (IXIC) is firmly in the red, as a big drop in Apple (AAPL) weighs on technology stocks. Traders are also digesting this morning's quarterly earnings reports, as well as a weaker-than-expected reading on September retail sales.

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

  • The FAANG stock dropping on new price targets.
  • Why one analyst sees 25% downside for NutriSystem stock.
  • Plus, pre-earnings options bulls blast Pfizer; Ralph Lauren rallies; and Adobe stock extends its pullback.

Midday Market Stats Oct 15

Pfizer Inc. (NYSE:PFE) is seeing unusual options volume today, with nearly 31,000 calls on the tape, three times the average intraday pace. Most active is the November 45 call, where Trade-Alert suggests new positions are being purchased. At last check, PFE was down 0.5% to trade at $43.56. The healthcare giant reports earnings before the market opens on Tuesday, Oct. 30, so it seems options traders are positioning for a post-earnings surge. 

Ralph Lauren Corp (NYSE:RL) is up 3.8% to trade at $126.04, one of the top stocks on the S&P 500 today. This morning, J. P. Morgan Securities upgraded the luxury retailer to "overweight" from "neutral," while boosting its price target to $150. RL boasts a 21.6% lead in 2018, but remains well off its July 31 three-year high of $147.79. 

On the other end of the spectrum is Adobe Inc (NASDAQ:ADBE), down 2.7% to trade at $242.18, one of the worst stocks on the SPX today. Adobe stock raced to a record high of $277.61 on Sept. 14 on a positive earnings reaction. While the shares have pulled back since then, they appear to have found support near their 200-day moving average.  

MMC Daily Chart ADBE

 

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