Downgraded Apple Drags Dow Into the Red

The S&P is at risk of a fifth straight daily loss

by Karee Venema

Published on Nov 14, 2018 at 11:48 AM

The Dow Jones Industrial Average (DJI) was up more than 200 points earlier after this morning's latest inflation update. However, the blue-chip index has since swung into the red at midday, pressured by sharp losses for Apple (AAPL) following a fresh downgrade for the FAANG stock. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have also erased earlier gains, putting the former on track for its fifth straight loss. Elsewhere, battered oil prices are getting a reprieve today, with December-dated crude futures up 2.1% at $56.86 per barrel -- set to snap their worst losing streak on record.

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

midday market stats nov 14

Amarin Corporation plc (NASDAQ:AMRN) is seeing unusual options volume today, with nearly 27,000 puts on the tape -- six times what's typically seen at this point. Most active are the November 15 and 16 puts, where it looks like new positions are being purchased. It's been a rough month for AMRN due to a negative reaction to the pharmaceutical firm's update on its heart disease drug, Vascepa. Today, though, Amarin stock is up 1.8% at $15.65, after Citi upgraded it to "buy," and Cantor Fitzgerald said "the peak potential sales of Vascepa is underappreciated."

amarin stock daily chart nov 14

Tahoe Resources Inc (NYSE:TAHO) is at the top of the New York Stock Exchange (NYSE) today, after Pan American Silver (PAAS) agreed to buy its precious metals peer for $1.07 billion in cash and stock. TAHO stock is up 44.1% at $3.17, though its year-to-date deficit remains at 33.8%.

Switch Inc (NYSE:SWCH) is at the bottom of the Big Board, after the data center operator reported disappointing third-quarter results. A price-target cut to $10.50 from $14 at BMO is only fanning the bearish flames, with SWCH stock last seen down 17.3% at $7.66, fresh off a record low of $7.49.


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