Dreary Data, Tech Drive Stocks Lower

GE stock is set to snap its six-day winning streak

Jun 14, 2019 at 11:46 AM
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Stocks are trading modestly lower at midday, as traders digest a revenue warning from Apple supplier Broadcom (AVGO) -- which said full-year revenue will come in $2 billion below its previous estimate on U.S.-China trade headwinds -- and lower-than-expected readings on Chinese industrial output and retail sales for May. At last check, the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) were all headed for daily losses, though each index is set for a second straight weekly win.

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

  • Downgraded Transocean stock is selling off again.
  • The Disney rival this analyst is buying.
  • Plus, GE options bears eye single digits; and 2 of the Nasdaq's biggest movers.

midday market stats june 14

General Electric Company (NYSE:GE) is seeing unusual options activity, as the industrial stock heads toward its first loss in seven days, down 0.9% at $10.22. Around 31,000 puts are on the tape, 1.7 times the expected intraday rate, with buy-to-open activity detected at the June 10 put. If this is the case, put buyers are betting on a move into single-digit territory by the close next Friday, June 21, when front-month options expire.

ge daily chart june 14

ArQule, Inc. (NASDAQ:ARQL) is at the top of the Nasdaq today, after the company reported positive data for an early stage study of its blood cancer drug. ARQL stock is up 40% at $8.79, fresh off a 12-year high of $9.10.

Seres Therapeutics Inc (NASDAQ:MCRB) is at the bottom of the Nasdaq, after the microbiome drugmaker priced its stock offering at $2.25 per share -- a 20% discount to Thursday's close at $2.83. In reaction, MCRB is 23.8% lower at $2.16, earlier hitting a record low of $2.02.

 

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