Stocks Tentatively Higher After Dramatic Dip

Larry Kudlow said "things could change with respect to the tariffs"

Deputy Editor
Aug 6, 2019 at 12:00 PM
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The Dow Jones Industrial Average (DJI) is modestly higher today, attempting to rebound from its worst day of the year. This bounce comes amid China's attempts to stabilize the yuan against the dollar, helping to ease concerns about the U.S.-China trade war. In addition, National Economic Council Director Larry Kudlow said the U.S. still plans to host a Chinese delegation for trade talks next month, and that "things could change with respect to the tariffs." As such, the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are slightly higher, too, attempting to snap their six-day losing streaks. 

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

  • This insurance stock has analysts paying attention after an impressive beat-and-raise. 
  • Why Morgan Stanley is buying this auto stock's pullback
  • Plus, options bears flock to DELL; a medical device stock at record highs; and GSKY plummets after earnings

Midday Market Stats August 6

Dell Technologies Inc (NYSE:DELL) is seeing an unusual amount of bullish bets in the options pits today, with 26,000 calls across the tape so far -- six times the average intraday pace -- compared to just over 2,200 puts. In fact, the equity's 30-day at-the-money implied volatility just hit a 52-week peak. The October series is seeing the most action, and it looks like one trader may have rolled their October 57.50 calls to the December 55 strike. Right now, DELL is down 1.1% at $49.85, set for its lowest close since February.

Glucose monitoring concern Insulet Corporation (NASDAQ:PODD) is one of the top performers on the Nasdaq today, after the company said second-quarter revenue surged 43%. The firm also hiked its full-year revenue forecast. At last check, PODD shares have skyrocketed 20% to trade at $141.46, and earlier notched an all-time high of $149.45.

PODD Chart Aug 6

One of the worst stocks on Wall Street today is GreenSky LLC (NASDAQ:GSKY), which has taken a 28.1% nosedive to trade at $7.45, after the firm reported a second-quarter revenue miss and suspended its financial guidance in order to explore strategic alternatives. Today, the stock is pacing for its worst day in nearly nine months, and just touched a record low of $6.81 earlier today.

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