Coronavirus fears are sparking a sell-off from yesterday's record highs
The Dow Jones Industrial Average (DJI) is continuing its tumble off yesterday's record highs, down more than 150 points as coronavirus fears begin to swirl back up and Cisco Systems' (CSCO) third-quarter guidance cut continues to weigh heavily on the index. The S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) are being dragged lower too, just one day after both helped in the Dow's climb toward fresh highs. Meanwhile, the new virus concerns aren't effecting oil, with March-dated crude futures up 1% to trade at $51.68 per barrel.
Continue reading for more on today's market, including:
- Casino stock gets a reaction after withdrawing full-year forecast.
- The blue chip bellwether in focus today.
- Plus, options pits red hot for one REIT; CPAH inks Fiji deal; and MCHX stock slips despite earnings beat.
An uptick in options activity is being seen for real estate investment trust (REIT) Uniti Group Inc (NASDAQ:UNIT), which is down 2.8% to trade at $8.49. So far, 2,373 calls and 1,843 puts have crossed the tape -- two times what's typically seen at this point. The February 7.50 put is by far the most popular, followed by the January 2021 7.50-strike call.
CounterPath, Corp. (NASDAQ:CPAH) is one of the best stocks on the Nasdaq today, following an announcement that the telecommunications company just inked a five-year deal with Vodafone Fiji to extend voice calling to over 700,000 Fiji residents. The news has CPAH up 43.7% to trade at $3.07, after hitting a one-month high of $3.48 earlier today.
Marketing analysis specialist Marchex, Inc. (NASDAQ:MCHX) is one of the worst stocks on the Nasdaq today, after posting fourth-quarter profits of one cent and revenue that just barely came in above the average analysts' estimate of breakeven. In response, Northland Capital Markets slashed its price target to $5.50 from $7, and at last check MCHX is down 24.4% to trade at $3.04. This comes just one day after MCHX ran back into familiar pressure at its 200-day moving average, and could mark the equity's lowest close in a year.
