Dow, S&P Swing Higher After U.S. Factory Data

Stocks were lower earlier on weak data out of Europe

Sep 23, 2019 at 11:55 AM
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The Dow Jones Industrial Average (DJI) was down more than 100 points earlier, as disappointing eurozone and German factory data fanned fears of a slowing global economy. The blue-chip index has since erased these earlier losses, after IHS Markit's flash purchasing managers index (PMI) for U.S. manufacturing arrived at a better-than-expected 51 in September. But while the S&P 500 Index (SPX) has swung higher with the Dow, the Nasdaq Composite (IXIC) is still in the red at last check.

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

  • Analyst sees 20% upside for this red-hot retail stock.
  • Behind Chewy stock's new "buy" rating.
  • Plus, pre-earnings bulls blitz BlackBerry; Thomas Cook collapse hits Carnival; and a C-suite shake-up sinks Akcea Therapeutics.

midday market stats sept 23

One name seeing unusual options volume today is BlackBerry Ltd (NYSE:BB), with roughly 9,300 calls and 2,800 puts on the tape so far -- nearly triple what's typically seen at this point. The weekly 10/4 7.50-strike call is most active, and it looks like new positions are being purchased here as speculators eye a big move above $7.50 by expiration at the close on Friday, Oct. 4. BlackBerry earnings are due before the market opens tomorrow, Sept. 24, and BB stock is trading down 1.5% at $7.42 ahead of the event.

Carnival Corp (NYSE:CCL) is one of the worst stocks on the S&P 500 today, down 2% at $47.27. The cruise operator is falling alongside fellow travel stocks, after U.K. tour operator Thomas Cook collapsed over the weekend, saying it had no choice but to enter immediate liquidation. CCL's recent rally off its late-August three-year low of $42.42 failed near the round $50 mark -- home to its 140-day moving average and late-June pre-bear gap levels -- and the stock is now headed for its fourth straight loss.

ccl stock daily price chart on sept 23

Akcea Therapeutics Inc (NASDAQ:AKCA) is near the bottom of the Nasdaq today, after the rare disease specialist announced the immediate departures of Paula Soteropoulos, Sarah Boyce, and Jeff Goldberg as CEO, president, and chief operating officer, respectively. AKCA stock is off 21.7% to trade at $17.58, earlier hitting a 16-month low of $16.54.


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