Shutdown, China Worries Send Dow into the Red

Traders are taking profits after a five-day win streak

Digital Content Manager
Jan 11, 2019 at 12:03 PM
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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. 

 

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