The major benchmarks are coming off their third-straight weekly losses
The Dow Jones Industrial Average (DJI) is down almost 900 points midday, extending September's steep deficits as all three benchmarks come off their third-straight weekly losses. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also firmly in the red, with a number of headlines adding to investors' nervous sentiment.
Overseas, the U.K. is considering another national lockdown, and worries are bubbling over tighter restrictions due to spiking coronavirus cases in Europe. Bank stocks are among the notable disappointments today, and back home, the lack of progress towards the second stimulus is adding pressure to U.S. equities. Amidst today's selloff, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), climbed above the 30 level for the first time in two weeks.
Continue reading for more on today's market, including:
- Comcast Corporation reaches agreement with Roku.
- A Tiffany & Co deal could soon be cleared.
- Plus, option bears blitz travel stock; CUB soars on acquisition buzz; and the aerospace stock plummeting.
One stock seeing notable options activity is TripAdvisor Inc (NASDAQ:TRIP), down 5% at $19.71 at last check. So far, 10,000 puts have crossed the tape -- six times what's typically seen at this point. Most popular by far is the October 22 put, followed by weekly 9/25 20-strike put -- where new positions are being opened.
Surging on the New York Stock Exchange (NYSE) today is Cubic Corporation (NYSE:CUB), up 25.5% at $55.70 at last check, after Elliot Management showed interest in buying the company. Today's bull gap has CUB breaking out over its 200-day moving average for the first time since February. Year-to-date, the stock is down 12.1%.
Meanwhile, dropping lower is Triumph Group Inc (NYSE:TGI), last seen down 18.8% at $7.50 after Goldman Sachs cut its price target to $8 from $9, though the firm sees a quick recovery for aerospace stocks. Year-to-date, the equity is down 70.2%.