Stocks Sink With Nvidia, Caterpillar; Dow Down 300 Points

Traders are also digesting the economic impact of the government shutdown

by Lillian Currens

Published on Jan 28, 2019 at 12:01 PM

The Dow Jones Industrial Average (DJI) is down more than 300 points at midday, due to disappointing earnings from Caterpillar (CAT). The S&P 500 Index (SPX) and tech-rich Nasdaq Composite (IXIC) are also lower, as traders weigh lowered guidance from chipmaker Nvidia (NVDA). Both companies cited weaker demand in China, amid the U.S.-China trade war. Elsewhere, traders are processing the economic damage in the wake of the temporarily halted U.S. government shutdown, with a report from the Congressional Budget Office estimating $11 billion in lost growth. Meanwhile, energy stocks are lower with crude prices, with front-month oil down 4.3% at $51.40 per barrel, at last check.

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

  • Analyst: Time to pick up this food delivery stock
  • The mobile stock stalling on COO buzz. 
  • Plus, one trader jumps on Worldpay; Biocept soars on biopsy buzz; and NVDA eyes its worst day in months. 

Midday Market Stats Jan 28

Worldpay Inc (NYSE:WP) is seeing notable options activity today. So far, about 2,744 puts have exchanged hands, roughly 46 times the average intraday pace. Calls -- which are trading at roughly 22 times the average intraday -- are still outnumbering their bearish counterparts, though, with 2,764 changing hands. The May 87.50 call and 80  put are far and away the most popular. Data from TradeAlert suggests that one speculator may have sold the puts to buy the calls, betting on more upside for WP in light of a new "Fresh Pick" rating at Barid. At last check, WP is lower 0.2% at $83.05. 

Biocept Inc (NASDAQ:BIOC) is a top performer on the Nasdaq today, after the company launched its new liquid biopsy kit, intended to better detect circulating tumor DNA. The molecular oncology concern was last seen 19.6% higher at $2.32. 

One of the worst stocks on the Nasdaq today is Nvidia Corporation (NASDAQ:NVDA), after the company lowered its fourth-quarter revenue guidance. The semiconductor name is pacing for its worst day since mid-November -- 13.6% lower at $138.33 -- and recently ran into a wall at its 60-day moving average. 

NVDA MMC chart

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