Dow Resumes Slide Ahead of G-20 Summit

Dow stocks Boeing and McDonald's are hot

Karee Venema
Nov 29, 2018 at 12:03 PM
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The Dow Jones Industrial Average (DJI) is down at midday, as stocks react to news White House advisor Peter Navarro will attend a dinner between U.S. President Donald Trump and China President Xi Jinping at this weekend's G-20 summit. This is offsetting big gains for Boeing (BA) and McDonald's (MCD), which are the two best Dow stocks on the back of some bullish brokerage attention. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are lower, too, with all three major indexes set to snap their three-day win streaks.

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

  • Tonix Pharmaceuticals stock has almost doubled on a major regulatory win.
  • Embattled Micron stock can't capitalize on upbeat earnings outlook.
  • Plus, ANF options hot after earnings; Dollar Tree chimes in on tariffs; and the healthcare stock at the bottom of the S&P.

midday market stats nov 29

Abercrombie & Fitch Co. (NYSE:ANF) is seeing unusual options activity today, with 21,000 calls and 13,000 puts on the tape -- 17 times what's typically seen, and a new annual high. Most active is the December 22 put, where some of the activity is likely tied to stock, according to Trade-Alert. Elsewhere, buy-to-open activity has been detected at the weekly 11/30 22-strike call, which expires tomorrow. ANF stock is up 17.2% at $20.06, after the retailer's strong third-quarter results and holiday same-store sales forecast.

anf daily chart nov 29

Dollar Tree, Inc. (NASDAQ:DLTR) is at the top of the S&P 500 today, after the discount retailer said any impact from tariffs will be minimal this year. This is offsetting DLTR's disappointing third-quarter same-store sales and downwardly revised full-year revenue guidance. At last check, the retail stock is up 4.8% to trade at $87.33.

Quest Diagnostics Inc (NYSE:DGX) is the worst SPX stock at midday, after the lab testing firm cut its full-year revenue forecast, citing the impact of several extreme events, including Hurricane Michael and the California wildfires. A price-target cut to $106 from Baird is only exacerbating headwinds, with DGX stock off 9.3% to trade at $87.94 -- slicing through recent support near $92 to hit a two-year low of $87.50.


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