Dow, S&P Win Streaks at Risk in Choppy Trading

The Nasdaq is also trading lower today

by Patrick Martin

Published on Feb 6, 2019 at 12:08 PM

The Dow Jones Industrial Average (DJI) is struggling for direction at midday, with the blue-chip index pacing toward its first loss in four days. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are in the red, too, with the former on track to snap its five-day winning streak, and a tech sector pullback weighing on the latter. Investors are also digesting the latest round of corporate earnings, with General Motors (GM) and Capri Holdings (CPRI) two of today's big winners. Elsewhere, the U.S. trade deficit fell for the first time in five months in November, dropping 11.5% to $49.3 billion. 

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

  • How options bulls won big after Snap earnings.
  • 2 video game stocks set for their worst day in years.
  • Plus, pre-earnings bears blast Coty; Tableau Software sinks post-earnings; and Skyworks soars on stock buyback buzz. 

Midday Market Stats Feb 6

There's notable options activity surrounding cosmetics stock Coty Inc (NYSE:COTY) ahead of the company's fiscal second-quarter earnings report, due ahead of the open this Friday, Feb. 8. Nearly 36,000 options have changed hands -- 34 times the average intraday amount and volume at a new annual high. The February 8 put is most active, and it looks like new positions are being purchased here. COTY is down 2.9% today at $7.59, but still boasts a 15.7% lead in 2019.

Tableau Software Inc (NYSE:DATA) is one of the worst stocks on the New York Stock Exchange (NYSE) today, down 7.9% to trade at $122.48, despite the tech name reporting a slimmer-than-expected fourth-quarter loss and receiving no fewer than eight price-target hikes, including one to $145 at Stifel. However, DATA is finding support at its 50-day moving average. 

Near the top of the S&P 500 today is Skyworks Solutions Inc (NASDAQ:SWKS), up 12.4% to trade at $84.49, after the  Apple supplier's fiscal first-quarter earnings and revenue miss and weak current-quarter forecast is overshadowed by a $2 billion stock buyback announcement. A host of bull notes have ensued, including a price-target hike to $95 from $85 at D.A. Davidson. Today's surge has SWKS, a historically strong stock in February, on track to close north of its 160-day moving average for the first time since July.

MMC Daily Chart SWKS

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