Dow Jumps as Coca-Cola, Nike Stocks Soar

Oil prices are pulling back today

Managing Editor
Oct 30, 2018 at 12:01 PM
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Stocks are stabilizing after yesterday's volatile session, with the Dow Jones Industrial Average (DJI) up more than 250 points at midday. Earnings season remains a primary driver, with the blue-chip index getting a lift from a positive earnings reactions for Coca-Cola (KO), while Nike (NKE) surges alongside Under Armour (UAA). The S&P 500 (SPX) and Nasdaq Composite (IXIC) are trading in the black, as well, after data showed consumer confidence hit an 18-year high in October. Elsewhere, investors are digesting a sharp drop in oil today, with December-dated crude futures down 0.8% at $66.54 per barrel.

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

  • Avoid this sector next month.
  • One analyst is unfazed by the Nvidia stock sell-off.
  • Plus, GE options bear cashes out; TTWO gets "Red Dead" boost; INCY stock finds familiar resistance after earnings.

Midday Market Stats Oct 30

General Electric Company (NYSE:GE) is seeing unusual options activity today, with more than 819,000 contracts on tape -- five times the expected intraday amount and volume pacing in the 100th annual percentile. Most active are the January 2019 9- and 11-strike puts, with more than 400,000 contracts changing hands between the two. According to Trade-Alert, it appears one trader is liquidating a put spread that's been rolled several times. The former Dow stock is down 7.4% to trade at $10.29 -- just off a nine-year low of $10.27 -- amid a devastating earnings report and news of an expanded Securities and Exchanges Commission (SEC) investigation. 

Take-Two Interactive Software, Inc. (NASDAQ:TTWO) is up 9.5% to trade at $122.41, one of the best stocks on the S&P 500 today, driven higher by strong opening weekend sales for the company's "Red Dead" video game. The $725 million in sales generated is a new worldwide record. TTWO shares are on track for their best day since Nov. 8, and are bouncing off a key trendline that's had bullish implications in the past.

Incyte Corporation (NASDAQ:INCY) is down 3.9% to trade at $59.54 today -- earlier hitting a two-year low of $59 -- after the drugmaker's third-quarter earnings fell short of expectations. Earlier this month, the equity reacted positively to upbeat cancer drug data, but was stifled by its 30-day moving average. Overall, INCY has shed nearly 35% in 2018.

MMC Daily Chart INCY

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