The Dow was down over 300 points at its session lows
Stocks have resumed their trek lower in what is become an alarming trend to start 2024. The Dow Jones Industrial Average (DJI) is off triple digits this afternoon, on track to snap a three-day win streak, and off by as much as 300 points at session lows. The S&P 500 Index (SPX) and Nasdaq Composite are also in negative territory, as the tech sector continues to show cracks. Elsewhere, oil prices are back on the rise today, with February-dated crude futures last seen up 1.1% to trade at $71.57 per barrel.
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Albemarle Corp (NYSE:ALB) is the target of put traders today. At last check, 5,896 puts have swapped hands, volume that is double the average intraday amount and pacing for the 93rd percentile of its annual range. The weekly 2/23 100-strike put is the most active, with sell to open activity detected. The lithium battery concern is down 2.1% to trade at $133.78, after Evercore slashed its price target to $190 from $280. ALB shed more than 40% in the last 12 months, with December's rally stopping short of its 100-day moving average.
Juniper Networks Inc (NYSE:JNPR) stock is propping the New York Stock Exchange (NYSE) higher today, last seen up 21.5% at $36.73, fallowing reports Hewlett Packard Enterprise (HPE) is in talks to buy the company for $13 billion. The Wall Street Journal reports HPE is enamored with Juniper's artificial intelligence (AI) offerings. JNPR is trading at its highest level since April 2022 and on track for its best single-session percentage gain since January 2004, while HPE is off 7.3% at $16.43.
Cardinal Health Inc (NYSE:CAH) is in the NYSE cellar, off 4% to trade at $100.92. The drug distributor expects its second-quarter medical segment profit to be only on par with the first quarter. Despite today's breather, CAH is up 30.4% year-over-year and not far off its Dec. 13 all-time high of $108.83.