Oil prices are heading for their highest close since late October
The Dow Jones Industrial Average (DJI) is lower today, but has pared sharper losses from this morning. Boeing (BA) was charged with most of the early morning damage, after a New York Times article over the weekend pointed to "shoddy production" at a factory that makes the 787 Dreamliner. Elsewhere, oil prices -- and Dow stocks Exxon Mobil (XOM) and Chevron (CVX) -- continue to rise amid news that the U.S. will halt sanction waivers on Iran oil imports. At last check, May-dated crude futures were up 2.5% at $65.59 per barrel, and heading for their highest close since late October. At last check, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are trading right around breakeven, as investors gear up for a busy week of quarterly earnings reports.
Continue reading for more on today's market, including:
- Grab this stock before earnings, according to one analyst.
- A C-suite shakeup has been unable to lift Bed Bath & Beyond shares.
- Plus, Kohl's options bears emerge; Morgan Stanley takes a stake in tobacco; and Rite Aid extends its slide.
Kohl's Corporation (NYSE:KSS) is seeing unusual options volume today, with nearly 6,600 puts exchanging hands so far -- six times the average intraday volume and nearly double the number of calls traded. The weekly 4/26 70.50-strike and 5/10 67.50-strike puts are the most popular, with new positions being opened. At last check, KSS was down 2.9% to trade at $68.31, so options traders are banking on a rough few weeks for the retail stock, which last month flashed a bearish signal.
Near the top of the New York Stock Exchange (NYSE) sits Pyxus International Inc. (NYSE:PYX), up 15.4% to trade at $20.02, after an SEC filing last week revealed Morgan Stanley has taken a 5.1% passive stake in the company. The tobacco stock climbed in March after expanding to CBD products, but was rejected by the $33 level. Year-to-date, PYX has added 68%.
On the other end of the spectrum is Rite Aid Corporation (NYSE:RAD), down 4.7% to trade at $9.28, after Guggenheim last week assumed coverage with a "sell" rating and minuscule price target of $0.35. The pharmacy stock has carved out a channel of lower lows and highs since July, culminating in a 10-year low of $8.80 on April 17. Despite a mini-rally last month amid corporate restructuring, the shares have seen 2019 breakouts contained by their 60-day moving average.
