Stocks Cautious Ahead of Trump-Xi Meeting

A down day for GS is weighing on the Dow

Nov 30, 2018 at 11:45 AM
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The stock market is quiet ahead of this weekend's highly anticipated meeting between U.S. President Donald Trump and China's President Xi Jinping at the G-20 summit. The two leaders are expected to discuss tariffs, and the talks come on the heels of a freshly inked trade agreement between the U.S., Mexico, and Canada.

At last check, the Dow Jones Industrial Average (DJI) is trading modestly lower as Goldman Sachs (GS) stock sinks. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are holding slim gains, with shares of Marriott International (MAR) in focus on reports of a massive data breach.

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

  • Benchmark thinks this retailer has "zero terminal value."
  • Why Under Armour stock could be a prime target for contrarians.
  • Plus, options bulls blast booming TJX; Ambarella eyes its best day ever; and the Chinese stock at the bottom of the Nasdaq.

midday market stats nov 30

TJX Companies Inc (NYSE:TJX) is seeing unusual options activity today, with roughly 13,200 calls on the tape -- seven times what's typically seen, and 15 times the number of puts traded. Almost all of the action has centered at the January 2019 50-strike call, where it looks like one trader bought to open a large block for an initial cash outlay of $613,647 (4,989 options * $1.23 premium paid * 100 shares per contract). Bullish buzz has been building on the retail stock, which is pacing for a 5.5% weekly gain -- up 1.9% today to trade at $48.41.

Ambarella Inc (NASDAQ:AMBA) is near the top of the Nasdaq, after the high-definition video chipmaker reported better-than-expected third-quarter earnings and revenue. Craig-Hallum chimed in with a price-target hike to $42 from $40. At last check, AMBA stock is up 18% to trade at $39.83 -- headed for its best day on record, and its first close north of its 120-day moving average since May 16.

amba stock daily chart nov 30

China Ceramics Co Ltd (NASDAQ:CCCL) is the worst stock on the Nasdaq today, after the Fujian-based tile maker priced its public offering at $1.27 per share -- a discount to last night's close at $1.70. CCCL stock is down 25.9% to trade at $1.26.


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