Stocks Stay Down on Tech Turbulence

Oil prices are moving higher on OPEC news and geopolitical tensions

May 20, 2019 at 12:08 PM
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U.S. stocks are trading in the red today, as the tech sector swoons on Huawei headwinds. Semiconductor shares continue to see some of the sharpest losses, sending the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) lower with the Dow Jones Industrial Average (DJI). Meanwhile, oil prices are on the rise after the Organization of the Petroleum Exporting Countries (OPEC) suggested over the weekend it would maintain production cuts, with U.S.-Iran tensions also providing tailwinds to prices. June-dated crude futures were last seen up 0.8% at $63.26 per barrel.

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

  • Analysts see "compelling growth" for young cloud stock.
  • Tech stock eyes worst month ever on Huawei fallout.
  • Plus, a huge put trade on Coca-Cola and three stocks moving big on M&A news.

midday market stats may 20

Looking at unusual options trading so far in today's session, a gigantic put trade crossed on The Coca-Cola Co (NYSE:KO). Someone seemingly bought to open 50,000 June 42 puts for 5 cents each, which would put their cash outlay at $250,000 (premium paid * contracts purchased * 100 shares per contract). With KO shares last seen trading at $49, such a bet would be looking for the blue chip to sell off by more than 14% in a matter of weeks.

Two of the best stocks today are Sprint Corp (NYSE:S) and T-Mobile Us Inc (NASDAQ:TMUS), thanks to news Federal Communications Commission (FCC) leader Ajit Pai said he plans to approve the companies' merger, based on his belief it will help bring more digital access to rural area. Sprint stock has shot up 25.4% to $7.75 -- fresh off an annual high of $7.90 -- and T-Mobile shares earlier jumped atop the $80 mark for the first time ever, last seen up 5.5% at $79.50. However, the Department of Justice still has to approve the deal, and previous rumors suggested leadership there was not fond of the merger.

One of the worst stocks today is DISH Network Corp (NASDAQ:DISH), trading down 11.6% at $31.23, after the company announced this morning it is buying $800 million worth of assets from EchoStar (SATS). This has DISH trading below the 200-day moving average for the first time since April 1, and it's good news for put buyers who've been building heavy positions on the TV provider for weeks.

dish stock price

 

 

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