Morgan Stanley's earnings misstep weighed on stocks early on
The Dow Jones Industrial Average (DJI) hasn't recovered from this morning's Morgan Stanley (MS) earnings disappointment, but has pared its loss to just over 20 points at midday. Anxieties over China's economy and U.S.-China trade relations also weighed on stocks early on. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have both turned higher, though, pacing for their third straight wins, with Netflix (NFLX) stock erasing early losses ahead of earnings tonight.
Continue reading for more on today's market, including:
- Why Wall Street is over AK Steel stock.
- 2 chip stocks analysts are buying.
- Plus, option bulls race to Skechers; LPCN stock surges; and a jewelry stock that's losing its luster.
Skechers USA Inc (NYSE:SKX) is seeing notable options activity today. Calls are dramatically outnumbering puts, with 22,000 changing hands -- roughly 56 times the average intraday pace. The January 2019 26 calls are the most popular, with Trade-Alert indicating that a majority of the contracts were bought to open. At last check, SKX stock was up 4.4% at $26.41.
One of the best stocks on the Nasdaq today is Lipocine Inc (NASDAQ:LPCN), after the company announced positive mid-stage data for its liver drug, LPCN 1144. Today the stock hit a new 52-week high of $2.64, and is set to topple its 320-day moving average -- after more than a year below the trendline. At last check, the shares were up 40.7% at $2.24.
Signet Jewelers Ltd. (NYSE:SIG) is one of the worst performers on the New York Stock Exchange (NYSE) today, after the diamond concern slashed its full-year guidance. Now, SIG is pacing for its biggest one-day drop since November 2017 -- down 22.1% at $25.98, at last check -- and earlier touched a new nine-year low of $25.50.