Stocks Dip After New Record Highs

A reversal lower for Citigroup is weighing on bank stocks

by Patrick Martin

Published on Jul 15, 2019 at 11:54 AM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJI) is hovering just below breakeven at midday, pulling back from an all-time peak, as the blue-chip index's fourth straight win appears in jeopardy. The S&P 500 Index (SPX) is also in the red, and its five-day streak is in danger, despite touching a fresh intraday record high at the open. A post-earnings reversal lower for Citigroup (C) shares is weighing on financial stocks, ahead of a slew of bank earnings this week. Elsewhere, the Nasdaq Composite (IXIC) is clinging to gains -- and just tapped an all-time high of its own -- despite Amazon.com (AMZN) shares lower as Prime Day kicks off. 

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

  • 2 retail stocks downgraded by Citi. 
  • Weed stock on the mend after a new cultivation license. 
  • Plus, calls pop as Zoom Video stays hot; Broadcom's Symantec buyout breaks down; and more opioid trouble for TEVA.

Midday Market Stats July 15

Zoom Video Communications Inc (NASDAQ:ZM) is seeing accelerated options trading today. More than 18,000 options have traded -- double what's typically seen at this point in the day, and volume pacing for the 100th percentile of its annual range. Leading the charge is the July 100 call, but there are also new positions being opened at the July 97 call. At last check, the video conferencing stock was up 6.6% to trade at $99.44, extending its year-to-date lead to 50%. 

Broadcom Inc (NASDAQ:AVGO) is one of the better stocks on the S&P 500 today, up 2.3% to trade at $291.96, after buyout negotiations with Symantec (SYMC) reportedly stalled amid disagreements over the offer price. AVGO is up 14.5% in 2019, but has a ways to go before reclaiming its May 1 record high of $323.20. 

One of the worst stocks on the New York Stock Exchange (NYSE) Index today is Teva Pharmaceutical Industries Ltd (NYSE:TEVA), down 8.4% to trade at $8.37, after Morgan Stanley downgraded the drug name to "underweight" from "equal weight," while slashing its price target to $6 from $16. The analyst in coverage remains concerned about the company's exposure to the opioid lawsuits, an issue that has plagued TEVA to the tune of a 45.3% deficit in 2019. A breakout attempt earlier this month was thwarted by the shares' descending 40-day moving average.

MMC Daily Chart TEVA


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