Dow Slides Lower as Chip Stocks Struggle

Oil is also feeling the heat midday

Deputy Editor
Feb 18, 2020 at 11:55 AM
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The Dow Jones Industrial Average (DJI) is extending this morning's losses, and is now eyeing its third straight skid as Apple's (AAPL) coronavirus-related quarterly revenue warning continues to spook Wall Street. The tech-rich Nasdaq Composite Index (IXIC) is taking a hit, with the semiconductor sector badly shaken by Apple's announcement, and the S&P 500 Index (SPX) also trading firmly in the red. Meanwhile, oil is struggling, too, with no signs of Organization of the Petroleum Exporting Countries (OPEC) making additional production cuts, even as coronavirus anxieties weaken demand. March-delivered crude is down 1% at $51.48 per barrel at last check. 

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

  • A lackluster earnings report isn't phasing Walmart stock today. 
  • The Keybanc downgrade that has Tencent stock ready to face the music. 
  • Plus, bears circle ELAN stock ahead of earnings; BLPH stock doubles on blood pressure device data; and FLR stock stumbles on investigation.

Midday Market Stats Feb 18

Bearish activity is picking up around Elanco Animal Health Inc (NYSE:ELAN) ahead of its four-quarter earnings report, due out before the open tomorrow. So far, 5,088 puts have exchanged hands, 11 times what's typically seen at this point, and nearly three times the number of calls traded. The February 31 put is seeing quite a bit of action, with positions being opened here, followed by the 31 call from the same series. The stock was last seen down 1% at $30.67.

Bellerophon Therapeutics Inc (NASDAQ:BLPH) is one of the best performers on the Nasdaq today, more than doubling on positive data for its blood pressure device INOpulse, which reduced resistance in arteries that supply blood to lungs by 21%. The stock just toppled its year-to-date breakeven mark, as well as recent pressure at the 80-day moving average. The 200-day trendline, however, is still serving as pressure on the charts. At last check, BLPH is up 115% to trade at $7.37. 

BLPH Chart Feb 18

A probe into engineering concern Fluor Corporation (NYSE:FLR) by the Securities and Exchange Commission (SEC) has the stock near the bottom of the New York Stock Exchange today, off 25.3% to trade at $14.58, at last check. Specifically, the investigation will look into potential violations of federal securities laws by the company's officers and directors. The news has FLR eyeing its lowest close since 2004. 


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