Dow Up Triple Digits Ahead of Powell

Today's economic data included a big drop in new home sales

by Karee Venema

Published on Nov 28, 2018 at 12:00 PM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJI) has spent the whole session trading in positive territory -- up triple digits, at last check -- ahead of an early afternoon speech from Fed Chair Jerome Powell. The central bank chief's speech follows harsh comments from President Donald Trump in a Washington Post report about his performance since taking the job. Traders are also digesting an onslaught of economic data this morning, including the latest reading on third-quarter gross domestic product (GDP), a slimmer-than-expected trade deficit in October, and a bigger-than-anticipated drop in new home sales last month.

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

  • Why it's time to target red-hot Alaska Air stock.
  • This retail stock is ripe for a short squeeze.
  • Plus, post-earnings bears blast Tiffany; and the best and worst stocks on the Big Board today.

midday market stats nov 28

Tiffany & Co. (NYSE:TIF) is seeing unusual options activity today, with nearly 11,000 puts on the tape -- 13 times the average intraday amount and almost triple the number of calls traded so far. The December 90 put is most active, where buy-to-open activity has been detected. This is likely in reaction to TIF stock's post-earnings bear gap, with the retailer down 11.1% at $93.35, earlier tagging a nearly eight-month low of $93.20. Since a failed test of its 200-day moving average in mid-November, the shares have shed almost 20%.

tif stock daily chart nov 28

Cheetah Mobile Inc (NYSE:CMCM) is the best stock on the New York Stock Exchange (NYSE), after the China-based mobile app maker responded to a BuzzFeed News report accusing the company of ad fraud, saying it has "no control over these third party advertising platforms." After tumbling to a record low of $5.37 yesterday, CMCM stock has shot up 23.7% to trade at $6.78.

Chico's FAS, Inc. (NYSE:CHS) is the worst stock on the Big Board at midday, after the retailer's third-quarter profit and revenue fell short of forecasts. The company also said its Chico's brand president is leaving this Friday, Nov. 30. CHS stock is down 37.6% at $4.57 -- fresh off nine-year low of $4.42 -- pacing toward its worst day ever.


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