Dow Dips Amid Earnings Deluge

A big day from Tesla is powering the Nasdaq higher

Managing Editor
Oct 24, 2019 at 11:59 AM
facebook X logo linkedin


The Dow Jones Industrial Average (DJI) is lower at midday, but has pared a triple-digit deficit at its session lows, as a dismal earnings report from 3M (MMM) offsets well-received quarterly reports from Microsoft (MSFT) and Dow Inc (DOW). The S&P 500 Index (SPX) is sitting just above breakeven, while the Nasdaq Composite (IXIC) is confidently higher, propped up by Tesla's (TSLA) quest for the $300 level. Elsewhere, investors are digesting a 1.1% drop in durable goods orders for September, its steepest drop in four months, though the weak economic data is bolstering expectations for another Fed rate cut next week. 

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

Midday Market Stats Oct 24

One name seeing heightened options volume today is Ford Motor Company (NYSE:F), with more than 180,000 options crossing the tape so far -- six times the average intraday amount, and volume pacing for the 100th percentile of its annual range. Leading the charge today is the January 2020 10-strike call, where it looks like options traders are selling their positions to close. Ford stock is down 6.5% to trade at $8.62, after the carmaker cut its full-year earnings forecast. 

ServiceNow Inc (NYSE:NOW) is one of the top stocks on the New York Stock Exchange (NYSE) today, up 8.4% to trade at $238.49, after the software company reported a third-quarter earnings and revenue beat. Despite no fewer than eight price-target cuts today, NOW stock has erased yesterday's losses -- fueled by a surprise CEO exit -- and recently pulled back to a trendline with historically bullish implications

On the other end of the spectrum is PG&E Corporation (NYSE:PCG), down 9.5% to trade at $7.42 today. Weighing on the stock is news of a growing wildfire near San Francisco, and the utility company has turned off the power in more than a dozen counties. PG&E stock is heading toward its lowest close since January, and earlier this month was rejected by its 40-day moving average.

MMC Daily Chart PCG

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI