Stocks Suffer Amid EU Conflict, IMF Forecast

Trade tensions between the EU and U.S. are heating up

by Lillian Currens

Published on Apr 9, 2019 at 11:57 AM
Updated on Apr 10, 2019 at 3:50 PM

The Dow Jones Industrial Average (DJI) is down triple digits, as Boeing's (BA) 737 MAX jet troubles continue. Elsewhere, tariff threats between the European Union (EU) and the U.S. are keeping traders on the sideline, as is another downwardly revised global growth forecast from the International Monetary Fund (IMF).  Against this backdrop, the S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) are both in the red at midday, as well. 

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

  • The newest stock on Goldman's conviction list. 
  • Why Cowen thinks Disney's new streaming platform might surprise Wall Street. 
  • Plus, an eight-figure option bet on GrubHub; the stock eyeing a ninth straight win; and Zogenix stock crumbles on FDA news.  

Midday Market Stats Apr 9

GrubHub Inc (GRUB) is seeing unusual options volume today, with roughly 10,000 puts traded -- nine times the average intraday volume. The May 80 put is the most popular, with one trader buying to open 9,500 puts for $11 million, per Trade-Alert. The delivery concern is lower today, down 2.1% at $70.19. 

3-D imaging concern FARO Technologies, Inc. (NASDAQ:FARO) is among the top performers on the Nasdaq, today. The stock has added 19.8% to trade at $56.54, at last check, after the company appointed a new CEO. FARO shares are now pacing for a ninth straight gain.

One of the worst stocks on the Nasdaq is Zogenix, Inc. (NASDAQ:ZGNX). The pharmaceutical concern is down 24.9% at $38.96, at last glance, after the FDA declined a full review of the company's childhood epilepsy treatment. The stock suffered an onslaught of analyst price-target cuts and downgrades in response, including a downgrade to "neutral" from "buy" from Guggenheim. The equity is pacing for its worst day since 2015, and just dropped well below its 40-day moving average for the first time since late January. 

ZGNX Chart Apr 9


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