Stocks Steady Amid Brexit Deal, Netflix Earnings

Netflix's earnings beat is propping up tech stocks today

Managing Editor
Oct 17, 2019 at 11:56 AM
facebook twitter linkedin

The Dow Jones Industrial Average (DJI) is cautiously higher today, as Wall Street digests the Brexit headlines across the pond. The blue-chip index was up triple digits at its session highs, after word of a potential Brexit deal with the European Union (EU) was reached. But the Dow has pared those gains as the day wore on, as the deal still needs to pass approval from the British parliament. Elsewhere, industrial production fell 0.4% in September, its worst drop since April, and U.S. housing starts fell 9.4% last month. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are both higher as well, with the latter boosted by an outstanding quarterly report from FAANG name Netflix (NFLX).

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

  • This auto stock is buzzing after a FAANG partnership.
  • Barclays has high hopes for this Apple supplier stock
  • Plus, options bulls eye quick Square bounce; new lows for CBS; and Morgan Stanley stock breaks out after earnings.

Midday Market Stats Oct 17

One name seeing heightened options volume today is Square Inc (NYSE:SQ), with 50,000 calls crossing the tape so far -- triple the average intraday amount, and six times the number of puts traded. Leading the charge are the 65- and 64.50-strike calls in the October series. At last check, Square stock was up 1.1% to trade at $63.66, so call buyers are targeting a quick bounce from the payments processor by the time the options expire tomorrow.

CBS Corporation (NYSE:CBS) is near the bottom of the New York Stock Exchange (NYSE) today, down 3.6% to trade at $36.72, after announcing it would delist CBS common stock from the NYSE. The move will go into effect as of the time of the Viacom merger, wherein ViacomCBS shares will be listed on the Nasdaq under VIAC and VIACA. CBS earlier touched a six-year low of $36.25, and has shed 15% year-to-date. 

On the other end of the spectrum is Morgan Stanley (NYSE:MS), up 3.6% to trade at $44.34, after the banking giant reported third-quarter earnings and revenue that topped analyst forecasts.  MS is cruising toward its seventh straight win, and is on track to topple its 320-day moving average for just the sixth time this year. 

MMC Daily Chart MS


Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 



Special Offers from Schaeffer's Trading Partners