Stocks Pare Weekly Gains After Apple Earnings

El Pollo LoCo shares hit a new high after earnings

Nov 2, 2018 at 11:56 AM
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The Dow Jones Industrial Average (DJI) jumped nearly 200 points at the open on trade optimism and a strong October jobs report. However, the White House's denial that a U.S.-China trade deal is in the works and a sharp post-earnings sell-off for Apple (AAPL) stock has pulled the Dow into negative territory, with the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) swinging lower, too. Nevertheless, all three major indexes are on track to notch impressive weekly gains.

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

  • 2 defense stocks that could rally this month.
  • The drug stock that's down 50% today.
  • Plus, options hot as Symantec bounces; LOCO stock swings to a new high; and OLED breaches recent support.

midday market stats nov 2

Among those with unusual options volume today is Symantec Corporation (NASDAQ:SYMC), with around 20,000 puts and 12,000 calls on the tape -- seven times the expected intraday amount. Traders are betting yesterday's two-year low of $17.49 will hold as support in the near term, with sell-to-open activity detected at the December 18 put. SYMC stock is up 6.3% at $19.91, after the cybersecurity name's fiscal second-quarter earnings beat and stronger-than-expected current-quarter forecast was met with a round of bull notes.

El Pollo LoCo Holdings Inc (NASDAQ:LOCO) is near the top of the Nasdaq today, after the chicken chain's earnings and revenue beats had a number of analysts raising LOCO price targets. After being down sharply in electronic trading, LOCO stock was last seen up 14.2% at $14.45, fresh off a two-and-a-half-year high of $15.11.

Universal Display Corporation (NASDAQ:OLED) is near the bottom of the Nasdaq, after the display maker's third-quarter earnings fell short on smartphone weakness. At least three analysts cut their price targets on OLED stock, too, sending the shares down 25.7% at $96.29 -- slicing through recent support at their 80-day moving average, and back below their 200-day trendline.

oled stock daily chart nov 2

 

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