Coronavirus Fears Overshadow Big Amazon Win

Amazon is bucking the broadmarket trend post-earnings, however

Deputy Editor
Jan 31, 2020 at 11:41 AM
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The Dow Jones Industrial Average (DJI) has slipped even further below breakeven by midday as fears over the coronavirus completely overshadow any other corporate news. The S&P 500 Index (SPX) isn't close behind, while the Nasdaq Composite Index (IXIC) erased its early morning gains, despite an impressive earnings report from (AMZN), which continues to buck the broad-market trend at the halfway point today. Now, the blue-chip index is eyeing its first monthly close in the red since August. 

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

  • The spinoff buzz that has Marathon Petroleum stock sprinting. 
  • Behind one blue chip's big C-suite shakeup
  • Plus, bulls blast PFE after CHMP nod; NAV stock keeps climbing; and WWE stock gets body slammed on surprise resignation. 

midday stats jan 31

Pfizer Inc. (NYSE:PFE) is seeing an uptick in bullish activity in the options pits after receiving a positive opinion from the Committee for Medical Products for Human Use (CHMP) for the marketing authorization of its oncology biosimilar Ruxience. In response, 30,000 calls have exchanged hands -- two times the intraday average -- compared to just 3,407 puts. The February 38.50 call is seeing the most action, with positions being bought to open here. At last check, PFE is up 0.8% to trade at $37.26. 

One of the top performers on the New York Stock Exchange today continues to be Navistar International Corp (NYSE:NAV), which is up 54.3% to trade at $37.15 after Volkswagen AG's commercial truck unit Traton offered $2.9 billion, or $35 per share, to take over the automotive manufacturer. The massive bounce has NAV trading at an annual high, just one day after plummeting towards a five-month low. The equity is also pacing for its first close north of the 320-day moving average since its post-earnings bear gap in mid-December. 

NAV chart Jan 31

World Wrestling Entertainment, Inc. (NYSE:WWE) is one of the worst stocks on the New York Stock Exchange today following a surprise resignation from both its co-presidents George Barrios and Michelle Wilson, which will be effective immediately. Long-time board member Frank Riddick will take over as CEO in the interim. The stock is down 19.5% to trade at $50.16, and just hit a one and a half year low of $45.10 earlier today. 


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