Market Sell-Off Continues, Stocks Eye Weekly Losses

Meanwhile, gold just hit another fresh high

Deputy Editor
Feb 21, 2020 at 11:57 AM
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Stocks are continuing their steep sell-off midday with the the Dow Jones Industrial Average (DJI) off almost 250 points at last check as an increase in coronavirus cases stokes investor anxiety. Things don't look much better for the S&P 500 Index (SPX) and Nasdaq Composite (IXIC), with the later dragged lower by a struggling tech sector. All three indexes are eyeing their first weekly losses since January. Meanwhile, April-dated gold is still surging, hitting yet another fresh seven-year high, up 1.6% at $1,647.20 per ounce at last glance.

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

  • Coca-Cola stock holds steady, despite coronavirus warning. 
  • Why RBC is eyeing CHWY stock today.  
  • Plus, Virgin Galactic puts blast off ahead of earnings; EGO stock climbs higher; and VAL stock stumbles on earnings miss. 

Midday Market Stats Feb 21

There's an unusual amount of bearish activity surrounding Virgin Galatic Holdings Inc (NYSE:SPCE) midday, with its quarterly earnings report due out early next week. So far, 89,000 puts have crossed the tape -- four times the intraday average -- compared to 85,000 calls, which are also running slightly hotter than usual. Most of this action is surrounding the monthly February series with the 35 and 40 contracts the most popular on the call side, with positions being opened at the former, and the 30, 32, 33, and 36 contracts on the put side. 

Eldorado Gold Corp (NYSE:EGO) is one of the best performers on the New York Stock Exchange after posting fourth-quarter earnings of 13 cents per share -- much higher than its 11 cents per share loss announced last year -- and revenue of $191.90 million, which beat analysts' estimates. EGO is trading back near its early September peak, and just toppled its 120-day moving average for the first time since early January. At last check, EGO is up 24.5% to trade at $9.46. 

EGO Feb 21

Offshore drilling concern Valaris PLC (NYSE:VAL) is one of the worst stocks on the New York Stock Exchange today, down 20.4% to trade at $4.54 after reporting losses of $1.55 per share for its fourth quarter, which missed analysts' estimates. The company's reported revenue of $512.10 million did exceed expectations, however. 

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