Dow Pares Losses as Wall Street Weighs Earnings, Trade Talks

Still, the Dow and S&P are pacing for their best month since 2015

by Lillian Currens

Published on Jan 31, 2019 at 12:06 PM
Updated on Jan 31, 2019 at 12:07 PM

The Dow Jones Industrial Average (DJI) is down 78 points at midday -- after being down more than 170 points earlier -- dragged lower by disappointing earnings reports from Microsoft (MSFT) and DowDuPont (DWDP). Intel (INTC) joined the list of stocks at the bottom of the Dow, too, after naming Robert Swan its permanent CEO. The S&P 500 Index (SPX) and the Nasdaq Composite (IXIC), however, are both in the black, cheering knockout earnings reports from both Facebook (FB) and General Electric (GE). The S&P -- like the Dow --  is now on pace to post its biggest monthly gain since October 2015, and the Nasdaq is eyeing its best month since October 2011. 

Elsewhere, President Donald Trump is optimistic about ongoing U.S.-China trade talks, with reports circulating that he and Chinese President Xi Jinping could meet in late February.  

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

  • One stock to drop before tax season, analysts say. 
  • The blue chip celebrating post-earnings upgrades. 
  • Plus, bulls bet on major upside for Fiat Chrysler stock; a big biotech deal; and Cimpress earnings fall flat. 

Midday Market Stats Jan 31

There's notable options activity around Fiat Chrysler Automobiles NV (NYSE:FCAU). About 83,000 calls have changed hands so far, roughly 10 times the average intraday pace, in comparison to just over 2,100 puts that have changed hands. The January 2020 25-strike call is by far the most popular -- with data from Trade-Alert suggesting that several speculators may be betting on the car concern rallying more than 45% within the next year. At last check, FCAU 0.2% higher at $17.10. 

Fortress Biotech Inc (NASDAQ:FBIO) is the best stock on the Nasdaq today, after the drug developer's Caelum Biosciences unit announced a strategic partnership with Alexion Pharmaceuticals (ALXN) to advance the development of its experimental drug, CAEL-101. Now, FBIO is pacing for its best day since 2011 -- attempting to close above its 200-day moving average for the first time since April of last year. The stock is up 47.2% at $2.17, at last check. 

FBIO Jan 31

Cimpress NV (NASDAQ:CMPR) is one of the worst performers on the Nasdaq today, after the company released disappointing earnings and revenue for its fiscal second quarter. The printing concern is pacing for its worst day since July 2011, down 28.1% at $83.37, at last check. 


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