Stocks are modestly higher today, with big moves from PG and GE in focus
U.S. stocks are hovering near breakeven today, as traders take a breath after a few frantic days on Wall Street. A big move from Procter & Gamble (PG) is helping the Dow Jones Industrial Average (DJI), while the shares of General Electric (GE) are making a notable rise after a bullish analyst note. Meanwhile, political and trade buzz continues to swirl, and the latest jobs data underscored a strong U.S. labor market, with jobless claims holding near a 49-year low.
Continue reading for more on today's market, including:
There's been very unusual options trading on Wells Fargo & Co (NYSE:WFC) today. One trader appears to have bought to open 24,000 January 2020 50-strike calls for $4.50 each -- a bet that would carry an initial cash outlay of $10.8 million (contracts purchased * premium paid * 100 shares per contract). This rare eight-figure trade is betting on WFC stock rallying back above the $54.50 level (strike + premium paid) over the next 13 months. The bank shares were last seen at $47.58, not far removed from yesterday's two-year low of $46.86.
One notable winner today is retailer Vince Holding Corp (NYSE:VNCE), sporting a gain of 14.4% to trade at $11.61. The company's third-quarter same-store sales surprised Wall Street, sparking today's rise. However, VNCE stalled out right at familiar resistance in the form of its 50-day moving average.
One notable loser is weed stock Aurora Cannabis Inc (NYSE:ACB), down 6.4% at $7.63, after the company announced a $10 million investment in High Tide Inc. ACB shares have been very volatile, trading in a range of $4.70 to $8.62 since its late-October Big Board debut. Today, the equity is trading right below its recently formed 20-day moving average.
