Retail and tech stocks are driving today's downside
The Dow Jones Industrial Average (DJI) picked up right where it left off on Monday, down 400 points at last check -- bringing its week-to-date loss beyond 3%. All 30 Dow stocks are trading in negative territory, led by another sharp sell-off for Apple (AAPL). These tech sector headwinds are being exacerbated by a round of disappointing retail earnings. As such, the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are firmly in the red at midday, with the Dow and S&P slipping below their 2018 breakeven marks in intraday action.
Continue reading for more on today's market, including:
- Why Needham says this healthcare stock can double.
- Founder and CEO Bernie Schaeffer explains how Brexit uncertainty could put this U.K. ETF into a bear market.
- Plus, LB traders target bigger losses; Campbell Soup swings higher after earnings; and Seadrill sinks to the bottom of the Big Board.
L Brands Inc (NYSE:LB) is seeing unusual options activity today, with roughly 14,300 puts on the tape so far -- 12 times what's typically seen at this point, and nearly triple the number of calls traded. Buy-to-open activity is detected at LB's weekly 11/23 28.50-strike put, which expires at this Friday's 1 p.m. ET close. LB stock is down 14.5% at $29.54, after the retailer halved its full-year forecast and announced a CEO shift at struggling Victoria's Secret.
Campbell Soup Company (NYSE:CPB) is one of the best stocks on the New York Stock Exchange (NYSE) today, after the green bean casserole guru reported fiscal first-quarter adjusted profit and revenue beats. CPB stock is up 5.7% to trade at $40.64, set to snap its four-day losing streak.
Seadrill Ltd (NYSE:SDRL) is trading near the bottom of the NYSE today, with the shares of the rig operator sinking in step with oil prices. SDRL stock was last seen down 11.3% at $14.58 -- fresh off a record low of $14.34 -- while January-dated crude futures have plummeted 4.5% to trade at $54.61 per barrel.