Dow Down Big Again; Uber IPO In Focus

UBER stock opened for trading below its IPO price

by Josh Selway

Published on May 10, 2019 at 11:55 AM

The Dow Jones Industrial Average (DJI) is down 300 points today following an increase in U.S. tariffs on Chinese goods and more tweeting this morning from President Donald Trump. Specifically, President Trump suggested the U.S. would stay patient in its pursuit of a trade deal with China, as the countries continue negotiations in Washington.

Outside of the trade drama, investors were greeted with low inflation data once again, according to the consumer price index (CPI) for April, while others monitor Uber's (UBER) high-profile initial public offering (IPO). The shares of the ride-hailing company opened moments ago on the New York Stock Exchange (NYSE) at $42.26, below their $45 per share IPO price.

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

midday market stats may 10

One name seeing unusual options trading today is Jumia Technologies (NYSE:JMIA). The e-commerce stock is selling off a day after Citron Research said the stock was "worthless," with JMIA last seen down 18.6% at $21.84. In the meantime, roughly 4,000 puts have traded, more than double the daily average, and new positions are opening at the May 20 and 22.50 puts. Buyers of these options could be betting on JMIA moving lower over the next week.

One of the best stocks today is Cardlytics Inc (NASDAQ:CDLX), up 25.4% at $21.15. The financial data provider issued a smaller-than-expected first-quarter loss on in-line revenue, and the shares are above the $20 mark for the first time since November. CDLX IPO'd in early 2018 at $13 per share.

cdlx stock chart

On the bottom of the Nasdaq is Puma Biotechnology Inc (NASDAQ:PBYI), as the stock falls 36.3% to $19.11, due to troubling sales of Nerlynx, its drug for breast cancer. PBYI stock earlier bottomed at $17.80, just 20 cents above its 52-week low from November, pushing its 12-month loss to more than 60%.

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