Apple, Amazon Stocks Drag Nasdaq Lower

In a weekend interview, Trump said he's looking into FAANG antitrust violations

Managing Editor
Nov 5, 2018 at 11:56 AM
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Ahead of midterm elections, U.S. stocks are trading mixed at midday. Specifically, the S&P 500 Index (SPX) is modestly higher, while the Dow Jones Industrial Average (DJI) is up triple digits, with outperforming Chevron (CVX) leading the surge. On the flip side, the Nasdaq Composite (IXIC) is in the red, as FAANG stocks tumble. Amazon (AMZN), Facebook (FB), and Google parent Alphabet (GOOGL) are down after President Donald Trump said his administration is looking "very seriously" into possible antitrust violations, while Apple (AAPL) is lower as analysts wax pessimistic on iPhone sales.

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

  • Morgan Stanley sees 20% upside for this pharma giant. 
  • Bull notes are keeping UAA stock hot.
  • Plus, 2 of today's most volatile drug stocks; and the financial stock camping near the top of the NYSE.

Midday Market Stats Nov 5

Sporting unusual options volume this afternoon is SAGE Therapeutics Inc (NASDAQ:SAGE), as options traders gear up for the company's third-quarter earnings, slated for before the market opens tomorrow, Nov. 6. So far, 4,120 calls are on the tape, 11 times the average intraday pace, and pacing for the 99th percentile of its annual range. SAGE stock popped last week, after a Food and Drug Administration (FDA) committee voted in favor of its postpartum depression treatment, but the shares are down 5% at $130.48 today, at last check.

CNA Financial Corp (NYSE:CNA) is near the top of the New York Stock Exchange (NYSE) today, after the company reported an impressive third-quarter earnings beat this morning. CNA is up 11.2% at $48.64, at last check, on pace for its highest close since late July. However, the security remains just below breakeven year-to-date.

Penny stock Clearside Biomedical Inc (NASDAQ:CLSD) is riding the bottom of the Nasdaq today, last seen down 58% at $2.34, after the company's eye therapy drug, Xipere, failed a late-stage study. The drug stock has declined 66% year-to-date, and earlier touched a record low of $2.20.

Daily Chart CLSD with 30MA

 

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