The Dow is eyeing its first monthly close in the red since August
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 Amazon.com (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.
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.
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.