Dow Erases Triple-Digit Loss as Oil Stabilizes

Oil is still headed for a sixth straight weekly loss

Nov 16, 2018 at 11:53 AM
facebook X logo linkedin


The Dow Jones Industrial Average (DJI) was down triple digits earlier, but has since swung into positive territory as surging oil prices boost blue-chip energy stock Chevron (CVX). At last check, December-dated crude futures were up 1.5% at $57.31 per barrel ahead of this afternoon's rig count -- though they're still on track for a sixth straight weekly loss. And while the S&P 500 Index (SPX) hovers close to the flatline, the Nasdaq Composite (IXIC) is still solidly in the red as weak forecasts from Nvidia (NVDA) and Applied Materials (AMAT) spark a sell-off in chip stocks.

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

midday market stats nov 16

Among the stocks seeing unusual options activity today is Groupon Inc (NASDAQ:GRPN), with about 9,750 calls on the tape -- seven times the expected intraday amount, and 29 times the number of puts traded. Day traders are initiating new positions at the November 2.50 and 3 calls, while others are opening the weekly 11/23 3-strike calls. GRPN stock is up 7.7% to trade at $3.07, with Trade-Alert hinting at takeover chatter.

Acadia Healthcare Company Inc (NASDAQ:ACHC) is near the bottom of the Nasdaq, after CNBC reported takeover talks between the behavioral health center operator and private equity firm KKR & Co (KKR) have stalled, and that the sale process does "not look particularly promising." ACHC stock is down 22.4% at $29.37, slicing through recent support at its 10-week moving average and hitting a new annual low of $28.02 along the way.

achc stock price daily chart nov 16

EMC Insurance Group Inc. (NASDAQ:EMCI) is the top stock on the Nasdaq at midday, after Employers Mutual Casualty Company offered to buy the 45% of outstanding EMCI common stock it does not currently own for $30 per share. In reaction, EMCI shares are up 29.6% to trade at $31.09.

 

*SPONSORED CONTENT*

How to collect 1 dividend check every day for LIFE

Did you know you could collect 1 dividend check every day the market is open? You could also do it starting with just $605! For me, I'm collecting 70 dividend checks every quarter…which averages around 1.1 dividend checks every business day. There's no trading behind this... no penny stocks or high-risk investments. All you do is buy and hold and you're set. There's no set up required either. If you start buying the dividend stocks I show you today... you could collect 1 dividend per day starting as early as this week. Click here for all the details.

*SPONSORED CONTENT*