Dow Pares Gains as Bank Stocks Dip

JPM shares are lower after a negative analyst note

by Lillian Currens

Published on Jan 8, 2019 at 12:02 PM

The Dow Jones Industrial Average (DJI) was up more than 300 points at its morning peak, but has since pared its gains to trade about 100 points higher. Stocks started out strong, with traders hopeful about the ongoing trade talks between the U.S. and China, but have lost steam as bank stocks like JPMorgan Chase (JPM) and Wells Fargo (WFC) drop on negative analyst attention. The Nasdaq Composite (IXIC), meanwhile, briefly turned south with chip stocks, following a guidance cut from Samsung.

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

  • Analyst: Bet on this weed stock
  • The retail stock that has room to run on China growth.
  • Plus, options bears swarm BILI; Maxar shares fall; and Axsome Therapeutics sees another day of gains. 

Midday Market Stats Jan 8

Bilibili Inc (NASDAQ:BILI) stock is seeing notable options activity today, after the China-based tech company garnered some analyst attention. Specifically, Morgan Stanley upgraded the stock to "overweight," and J.P. Morgan Securities hiked its price target by $2 to $17.  BILI has seen roughly 5,400 puts change hands so far today – a whopping 14 times the average intraday pace. Calls are seeing a fraction of put options' activity, but are still trading at four times the average clip -- with roughly 2,200 traded so far. The January 2019 and April 2019 10-strike puts appear to be the most popular, with one trader likely rolling the front-month positions to the April series. At last check, Bilibili shares were up 2.6% at $14.64. 

Axsome Therapeutics Inc (NASDAQ:AXSM) is, yet again, one of the best performers on the New York Stock Exchange (NYSE) today, after more than doubling yesterday on upbeat drug data. The stock is enjoying some upbeat analyst attention today, with BTIG upping its price target to $20 from $16. At last check, Axsome stock was up another 23% to trade at $8.47, and earlier touched a two-year high of $9.10.

Maxar Technologies (NYSE:MAXR) is one of the worst stocks on the NYSE today, slipping for a second day in a row after the space technology company's imaging satellite, WorldView-4, has failed. The shares recently tested their 20-day moving average -- a recent ceiling for MAXR -- before plummeting to an all-time low of $5.04 today. The shares were down 31.6% to trade at $5.49, at last check. 

MAXR Chart Jan 8

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