Trade Worries Weigh on Dow

Qualcomm stock is a notable loser on the Street today

by Josh Selway

Published on May 22, 2019 at 12:04 PM

The Dow Jones Industrial Average (DJI) is lower today, as negative trade headlines and a retail sector sell-off weigh. On the trade front, Wall Street is reacting to reports that the U.S. could place Huawei-like restrictions on a handful of Chinese video surveillance firms, including Hikvision. Meanwhile, there will be the afternoon release of the Fed's minutes from its May meeting, while others monitor a massive drop in Qualcomm (QCOM) shares.

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

midday market stats may 22

There's unusual options activity on Twitter Inc (NYSE:TWTR) today, as the social media stock pops 4.1% to trade at $39, hovering right near a $30 billion market cap. A number of near-term calls in the weekly 5/24 series are seeing heavy attention, and most popular overall is the June 38 call, where new positions are opening. This interest in TWTR calls isn't unusual since call buying has tripled put buying in the past 10 days at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX).

One notable winner today is cannabis concern Canopy Growth Corp (NYSE:CGC), thanks to news the company is acquiring skincare business This Works for $55 million. Canopy continues its endless pursuit of growth, as it's been making move after move in 2019. CGC stock is trading up 4% today at $46.80, bringing its year-to-date gain to 74%.

Qualcomm, Inc. (NASDAQ:QCOM) is seeing heavy losses today following an antitrust ruling against the company. QCOM stock has fallen 11% to trade at $69.30, putting it right near where it closed back on its huge April 16 rally. In the meantime, some traders are opening new positions at the January 2020 100-strike call, the most popular contract today.

qcom stock price may 22


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