Dow Hits Fresh High, 29K Before Cooling Off

The Nasdaq and S&P are basically flat, as well

by Lillian Currens

Published on Jan 10, 2020 at 12:06 PM

The Dow Jones Industrial Average (DJI) just sliced past the 29,000 level for the first time on record before pulling back near breakeven, as weaker-than-expected employment data finally managed to impact the blue-chip index. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have also pulled back from their intraday peaks, even though the geopolitical outlook remains positive, with traders eyeing next week's scheduled "phase one" trade deal signing between the U.S. and China.

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

  • The GrubHub drama drawing options bears to the food delivery stock. 
  • Analysts flock to URBN stock with bear notes after a dismal holiday sales report. 
  • Plus, TWLO calls pop; CPAH doubles on Honeywell partnership; and PTLA eyes worst day ever. 

midday market stats jan 10th

Twilio Inc (NYSE:TWLO) is seeing an unusual volume in options activity today. So far, 15,000 calls and 7,245 puts have exchanged hands, with much of this activity surrounding the January 2020 120-strike call. The weekly 115-strike contract is the most popular put, with positions being opened here. At last glance, TWLO is up 2.4% to trade at $115.72. 

Canada-based software developer CounterPath, Corp. (NASDAQ:CPAH) is one of the best performers on the Nasdaq today, following an announcement that the company is partnering with manufacturer Honeywell (HON) to create a United Communication software called Smart Talk, which will enable mobile workers to connect on their pre-owned devices. The stock hit a six-month high of $2.59 earlier today, and is now up 129.3% to trade at $2.27, pacing for its biggest one-day percentage jump in nearly sixteen years. 

One of the worst stocks on the Nasdaq today is Portola Pharmaceuticals Inc (NASDAQ:PTLA) which is down 44% at $13.86 after posting disappointing preliminary fourth-quarter numbers, warning that revenue from its Andexxa drug is expected to be lower than expected. The firms dismal results drew plenty of negative analyst attention, with at least four brokerage firms slashing their price target prices, including Oppenheimer, which also downgraded the stock to "perform" from "outperform." PTLA has been on the decline in recent weeks, with pressure emerging at its 20-day moving average, and is now on course for its lowest close ever. 

PTLA Chart Jan 10


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