Stocks, Oil Extend Slide; Netflix Weighs on Nasdaq

The major indexes are headed for a three-day losing streak

Managing Editor
Jul 18, 2019 at 11:51 AM
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The Dow Jones Industrial Average (DJI) is down triple digits at midday, trudging toward its third straight loss. UnitedHealth (UNH) is the biggest blue-chip loser, despite an earnings win, overshadowing a well-received report for IBM Corp (IBM). The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also in the red and on track for three-day skids of their own, with the latter under pressure from FAANG giant Netflix (NFLX) after a surprise drop in second-quarter subscriber rates. Elsewhere, oil prices are pulling back, with August-dated crude futures down 3.2% at $54.96 per barrel.

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

  • Popular chip stock hit with a rare bear note.
  • Analyst targets 300% upside for this drug stock.
  • Plus, options bears bet on a PCG pullback; eBay price-target hikes after earnings; and Philip Morris eyes best day in years.

Midday Market Stats July 18

PG&E Corporation (NYSE:PCG) is seeing highly accelerated options trading today. More than 10,000 put options have traded -- double what's typically seen at this point in the day, and three times the number of calls traded. Leading the charge is the December 18 put, but there is also notable activity at the July 19 put, which expires tomorrow. At last check, PCG was down 2.9% to trade at $17.88, earlier trading at its lowest point in nearly two months.

eBay Inc (NASDAQ:EBAY) is near the top of the S&P 500 today, up 5.5% to trade at $41.16, and earlier nabbing an annual high of $42. The online retailer reported second-quarter earnings and revenue that topped analyst expectations, prompting no fewer than 11 price-target hikes from analysts. The highest comes from Credit Suisse, to $49. eBay stock is now up 47% in 2019, and could be sending options bears packing.

Another hotshot on the S&P 500 today is Philip Morris International Inc. (NYSE:PM), up 7.2% to trade at $86.75, after the tobacco name reported second-quarter earnings and revenue above estimates, while also upping its fiscal-year forecast. Philip Morris stock is barreling toward its best day since April 2015, and is set to topple its 200-day moving average, a trendline that had kept a lid on this summer's breakout. 

MMC Daily Chart PM

 

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