Dow Extends Losses as Countries Ground Boeing 737 MAX 8

Traders are keeping an eye on London ahead of a Brexit vote

Managing Editor
Mar 12, 2019 at 12:06 PM
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Newly downgraded Boeing (BA) stock continues to weigh down the Dow Jones Industrial Average (DJI) this afternoon, as the U.K., China, France, and many other countries ground the 737 MAX 8 aircraft on safety concerns. On the flip side, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are pushing higher on the back of relatively tame inflation data and a positive performance out of the energy sector. Elsewhere, traders are keeping an eye on London, ahead of a U.K. parliament vote on a revised Brexit deal.

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

  • Penny stock scraping the bottom of the Nasdaq.
  • Founder and CEO Bernie Schaeffer calls out the technical roadblocks ahead for this bank ETF. 
  • Plus, Stitch Fix stock's post-earnings surge; and 2 stocks posted at the top and bottom of the NYSE.

Midday Market Stats March 12

Clothing subscription concern Stitch Fix Inc (NYSE:SFIX) is sporting unusual options volume, with 31,000 calls and 11,000 puts across the the tape so far -- 18 times the expected intraday rate. Most active is the April 30 call, where 4,700 contracts have already been traded. SFIX's surge comes after the company reported better-than-expected fourth-quarter revenue and upped its full-year forecast. The security has soared 30% to trade at $35.13 on the day, set to close well above its 200-day moving average.

In the bottom spot on the New York Stock Exchange (NYSE) is ADT Inc (NYSE:ADT), after the home security company issued a weak full-year forecast. ADT has now gapped 13% lower to trade at $6.60, and is back below the 50-day moving average. Despite today's drop, the security remains up about 10% year-to-date.

Daily ADT with 50MA Since March 2018

Near the top of the New York Stock Exchange (NYSE) this afternoon is Switch Inc (NYSE:SWCH), with the tech name surging ahead of earnings. At last check, SWCH is 9.3% higher at $9.02, on pace to mark its highest close since a mid-November post-earnings bear gap. Switch is slated to report fourth-quarter results after today's close.

 

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