Shutdown, China Worries Send Dow into the Red

Traders are taking profits after a five-day win streak

by Lillian Currens

Published on Jan 11, 2019 at 12:03 PM

The Dow Jones Industrial Average (DJI) is set to snap its five-day winning streak -- down over 100 points at midday -- as the U.S. government shutdown ties its longest ever. Plus, lingering concerns over a lack of details on U.S.-China trade are also weighing on stocks today. Apple (AAPL) stock is also lower, amid reports that Chinese retailers are cutting prices on iPhones. Against this backdrop, the S&P 500 (SPX) and the Nasdaq Composite (IXIC) are both lower at midday, as well. 

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

  • Analysts expect this pharma stock to quadruple.
  • The restaurant stock sizzling on today's upgrade. 
  • Plus, options traders target PG&E; Flotek stock skyrockets; and the biotech sinking on a downgrade.

Midday Market Stats Jan 11

PG&E Corporation (NYSE:PCG) stock is seeing notable options activity today. So far, about about 75,000 puts and 10,000 calls have changed hands today -- roughly 19 and six times the average intraday pace, respectively. The March 8 put is most popular, with buyers expecting the shares to succumb to even more headwinds in the long term. At last check, PCG shares were down 3.5% at $17.13, after Moody's cut its rating on the beleaguered utility company to "junk" status

Flotek Industries Inc (NYSE: FTK) stockis far and away the top performer on the New York Stock Exchange (NYSE) at midday, on a $175 million deal to sell its Florida Chemical business. Today, Flotek stock has nearly doubled, but has run into a wall at its 200-day moving average -- a trendline not conquered since FTK's April bear gap. At last check, FTK was up 80.1% at $2.54.

FTK stock chart jan 11

Aratana Therapeutics (NASDAQ:PETX) stock is one of the worst on the the Nasdaq today, on a downgrade from Stifel. The brokerage firm reduced the stock to a "hold" rating and slashed its price target to $5 from $8. The shares were trading 28.1% lower at $4.28, at last check. 

START YOUR DAY SMARTER.

Get Schaeffer's pre-market news bulletin every morning before the bell rings.
It's free to sign up.


Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


Exercising the First Amendment for 2020
Take advantage of the first amendment, and participate in a nation-wide poll.
Options Traders Think Shaq a Slam Dunk for Papa John's
Plus, Nokia options pits come alive amid probe
Turkey ETF Gets Crushed, Put Volume Soars
Traders are digesting negative headlines about Turkey-U.S. relations
Choosing the Right Online Broker
Click to continue to advertiser's site.