Stocks Fall Sharply on Earnings, Coronavirus Headwinds

VFC is the worst S&P stock at midday

by Josh Selway

Published on Jan 23, 2020 at 12:05 PM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJI) is down sharply today as investors consider the latest batch of corporate earnings. On top of the reports received from blue chips, there's also VF Corp's (VFC) results, which have the retail stock as the worst S&P 500 Index (SPX) member today, while a number of China-exposed stocks are getting hit due to the headwinds stemming from the coronavirus outbreak. The financial sector, too, is seeing notable weakness, as bank stocks slide.

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

midday market stats jan 23

One name seeing unusual options activity is Foot Locker, Inc. (NYSE:FL). Put options are trading at six times the expected pace, with new positions opening at the March 40 put, which is by far the most popular contract today. Those buying to open the put would be betting on FL shares falling further below the $40 mark, with the retail stock last seen down 1.9% at $39.03 today, recently finding resistance at the 50-day moving average.

fl stock jan 23

One of the best stocks on the Street today is Citrix Systems, Inc. (NASDAQ:CTXS), as analysts cheer the company's earnings release. Several brokerage firms have raised their view on the software specialist, sending CTXS up 7.9% to $128.72, after hitting an all-time high of $129.44. The stock is up more than 35% in the past six months.

One of the stocks moving sharply lower today is Yum China Holdings Inc (NYSE:YUMC), likely due to headwinds surrounding the coronavirus, which is weighing on a number of China-based equities. The stock was last seen 5.9% lower at $44.22, set to close below the 200-day moving average for the first time since November.


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