Dow Falls as China Tensions Dampen Positive Jobs Data

The economy added more jobs in July than anticipated

Deputy Editor
Aug 7, 2020 at 12:18 PM
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The Dow Jones Industrial Average (DJI) is down around 70 points midday, as U.S. President Trump's executive order concerning Chinese-owned apps increases friction between U.S. and China. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are hovering just below breakeven, as the U.S. employment rate came in better than anticipated, and the economy added 1.76 million jobs in July. Still, debate around the second coronavirus relief package continues in congress, and the Trump administration has threatened executive action if an agreement is not made by today. 

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

  • Analyst cheers FedEx stock for remainder of 2020. 
  • TripAdvisor stock travels lower on quarterly loss. 
  • Plus, Biogen stock sees calls surge after FDA approval; TDC soars on quarterly report; and AYX receives a handful of bear notes. 

MMC August 7

One stock seeing notable activity in its options pits is Biogen Inc (NASDAQ:BIIB), up 9% at $302.78 at last check, after the FDA accepted the company's Alzheimer drug application. To follow, Oppenheimer raised its price target to $360 from $325. So far, 13,000 calls and 4,859 puts have crossed the tape -- six times what;s typically seen. Most popular is the January 2021 380-strike call, where new positions are being opened. Today's pop has the equity above the $300 level for the first time since early June. 

One stock scaling the New York Stock Exchange (NYSE) today is Teradata Corporation (NYSE:TDC), up 16.6% at $24.14 at last check, after a positive second-quarter report and subsequent price-target hike from RBC to $23 from $21. TDC is now up 22.6% in the last monthly period, with potential support emerging at the 200-day moving average. 


Conversely, dropping lower on the NYSE today is Alteryx Inc (NYSE:AYX), down 27.8% at $122.10 at last check, despite a second-quarter earnings beat. This slide comes after no fewer than five price-target cuts, including one from Cowen and Company to $155 from $190. Still, the equity is up 22.8% year-to-date. 



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