Stocks Trade Mixed as Tech Slumps

The Dow is overcoming more Boeing weakness

by Josh Selway

Published on Dec 17, 2019 at 12:00 PM

U.S. stocks are trading mixed so far today. The Dow Jones Industrial Average (DJI) has managed to overcome more selling on Boeing (BA) on the latest 737 MAX news to sport a modest lead, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are holding near breakeven as tech and healthcare shares slump -- though the S&P did manage a fresh record high already as a number of retail stocks move higher. Outside of that, oil prices are holding above the closely watched $60 level, with January crude futures up 1.3% at $60.99 per barrel.

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

  • Call buying has surged on this big bank stock.
  • Analyst upgrades Micron ahead of earnings.
  • Plus, Boeing supplier slides; steel stock jumps post-earnings; and automaker gets wrecked after earnings. 

midday stats dec 17

One name seeing unusual options trading is United Technologies Corporation (NYSE:UTX). The aerospace parts supplier is down 0.6% today to $148.53 on Boeing headwinds, but it's call volume that's rocking, running in the 99th annual percentile. Traders are opening new positions at the weekly 12/27 149- and 150-strike calls, and those buying the contracts would be betting on a rebound above the $149 and $150 levels before expiration next Friday, Dec. 27.

One of the best stocks today is Worthington Industries (NYSE:WOR), as shares of the Ohio-based steel company gain 9.3% to trade at $43.67 after a top- and bottom-line beat for the fiscal second quarter. WOR stock hit a 52-week high of $44.58 earlier, while blowing past long-term resistance in the $41 area.

One of the worst stocks today is Navistar International Corp (NYSE:NAV), as the truck maker's shares dip 7.6% to $29.90, while making a sharp move below recent support at the 200-day moving average. The company reported weak fourth-quarter sales, and its full-year outlook was disappointing.

nav stock dec 17


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