Oil Prices Nosedive, Dow Dips Again

Pharma stocks JNJ and MRK are easing the Dow's downside

by Karee Venema

Published on Jun 12, 2019 at 11:54 AM

The Dow Jones Industrial Average (DJI) is lower at midday, as traders digest the latest inflation data, putting the blue-chip index on track for back-to-back losses. While downside for the Dow is modest thanks to big gains from pharma stocks Johnson & Johnson (JNJ) and Merck (MRK), oil prices are making a notable move south after data showed a second consecutive weekly rise in domestic crude inventories. At last check, July-dated crude is down 2.9% at $51.71 per barrel.

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

  • Put buyers see new lows for sinking Dave & Buster's stock.
  • Analyst: This pharma stock is "remarkably cheap."
  • Plus, Teva legal troubles spark heavy options volume; Tailored Brands drops ahead of earnings; and analysts rush to raise Alteryx price targets.

midday market stats june 12

Teva Pharmaceutical Industries Ltd (NYSE:TEVA) is seeing unusual options activity today, with 45,000 puts and 31,000 calls on the tape -- triple what's typically seen at this point, and volume pacing for the 100th annual percentile. Implied volatility (IV) is spiking, too, with TEVA's 30-day at-the-money IV up 13.3% at 62.6%, in the 96th annual percentile. The stock is down 4.9% at $8.64, fresh off a 19-year low of $8.25, after an Oklahoma judge refused to approve the generic drugmaker's settlement with the state over an opioid lawsuit, and options traders are buying to open December 7 puts to bet on bigger losses.

Tailored Brands Inc (NYSE:TLRD) is near the bottom of the New York Stock Exchange (NYSE), as traders reduce exposure to the retailer ahead of its first-quarter earnings report, due after tonight's close. TLRD stock has a history of negative earnings reactions, last seen down 8.1% at $5.42.

Alteryx Inc (NYSE:AYX) is one of the best stocks on the Big Board today, after the data analytics firm received price-target hikes from D.A. Davidson (to $95) and Cowen and Company (to $112). AYX stock is trading up 7.8% at $103.21, extending a recent bounce off its 40-day moving average and trading within a chip-shot of its June 10 record high of $106.25.

ayx stock daily price chart on june 12

a schaeffer's exclusive


5 tips to leverage profits in this FREE insider report!



NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories

The Trend Minting Millionaires -- But Who Is Really Paying?
Porter Stansberry is making a concerning prediction.
Bull Notes Keep Coming After FTSV Stock's Absurd Rally
FTSV has casually added 500% in two months
Beyond Meat Heads North of the Border
There's a lot of skepticism surrounding BYND shares
The Trend Minting Millionaires -- But Who Is Really Paying?
Porter Stansberry is making a concerning prediction.