Dow Pares Gains; S&P, Nasdaq Turn Lower

The DJI was up nearly 300 points earlier, thanks to blue-chip earnings

Deputy Editor
Jan 23, 2019 at 12:06 PM
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The Dow Jones Industrial Average (DJI) was up nearly 300 points earlier, riding a trio of solid blue-chip earnings. However, the Dow has pared its gains amid lingering concerns about the global economy, U.S.-China trade relations, and the U.S. government shutdown. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have turned lower at midday, with bank and healthcare stocks in the red. 

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

  • Analyst: The pharma stock that's "too cheap to ignore."
  • The financial stock eyeing its best day ever.  
  • Plus, one bull bets ahead of Symantec earnings; SMED celebrates an earnings win; and the worst stock on the Big Board. 

Midday Market Stats Jan 23

Symantec Corporation (NASDAQ:SYMC) is seeing notable options activity today. So far, about 30,000 puts have changed hands -- roughly 40 times the average intraday pace. The weekly 2/1 17.50-strike put is by far the most popular, with over 28,000 contracts exchanged. According to Trade Alert, it appears one speculator sold to open the puts, expecting SYMC shares to hold above $17.50 after earnings, set to be released on Jan. 31. At last check, SYMC shares are down 0.5% to trade at $19.70. 

Sharps Compliance Corp (NASDAQ:SMED) is a top performer on the Nasdaq, after beating analysts' earnings expectations. The equity is now trading near its November breakout, and is set to top its 200-day moving average for the first time since that spike. The stock is up 13.7% at $3.66, at last check.

SMED Chart Jan 23

The worst performer on the New York Stock Exchange (NYSE) today is Quotient Technology Inc (NYSE:QUOT), after the company cut its full-year sales forecast. QUOT is now pacing for its its worst day since March 2016. The stock is down 17.1% at $9.15, at last check, and earlier touched a new two-year low of $9.

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