Apple, Factory Data Drag Dow Down 500 Points

The ISM manufacturing index for December missed the mark

by Karee Venema

Published on Jan 3, 2019 at 11:51 AM

The Dow Jones Industrial Average (DJI) fell 169 points out of the gate, and the losses have only accumulated. At last check, the blue-chip index was down almost 500 points, sinking back below the 23,000 mark, with a negative reaction to Apple's (AAPL) weak revenue forecast sparking the risk-off backdrop. A weaker-than-expected Institute for Supply Management (ISM) manufacturing survey for December is exacerbating headwinds -- and offsetting this morning's upbeat jobs data -- with the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) sharply lower at midday, as well.

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

  • 2 energy stocks Goldman Sachs is selling.
  • Best Buy gets hit by the Apple buzz.
  • Plus, Yandex options bull cashes out; and two pharma stocks swinging on buyout buzz.

midday market stats jan 3

Yandex NV (NASDAQ:YNDX) is seeing notable options activity today, with roughly 11,000 calls change hands -- 47 times the average intraday amount, and 10 times the number of puts traded. The shares of the Russian internet name are down 20.6% year-over-year, and one trader today appears to be selling to close their January 2020 50-strike calls, initially purchased last August, according to Trade-Alert. At last check, YNDX stock was down 1.6% to trade at $27.06.

One of the best stocks on the Nasdaq today is Celgene Corporation (NASDAQ:CELG), with the shares spiking on buyout news. Specifically, Bristol-Myers Squibb (BMY) plans to buy the oncology name in a cash-and-stock deal valued at roughly $74 billion, or $102.43 per Celgene share. CELG was last seen 25.8% higher at $83.82.

Conversely, Bristol-Myers Squibb Co (NYSE:BMY) is trading notably lower today. The shares are down 13.9% to trade at $44.78, fresh off a five-year low of $44.30. Today's plunge has the shares surrendering a short-lived stint above their 50-day moving average -- a trendline the equity has struggled against since a Food and Drug Administration (FDA) decision sparked a bear gap in mid-October. 

BMY Chart Jan 3


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