Indexes Remain Lower Midday; UnitedHealth Stock Drags Dow

UnitedHealth is dragging the Dow lower

Managing Editor
Feb 28, 2024 at 11:55 AM
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The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are sporting steep midday drops, while the S&P 500 Index (SPX) sits flat, as all eyes remain on tomorrow's personal consumption expenditure (PCE) reading. UnitedHealth (UNH), which is now under an anti-trust investigation by the U.S. Department of Justice (DoJ), is dragging the blue-chip index lower. Investors are also brushing off this morning's gross domestic product (GDP) revision.

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

  • Biopharma giant eyes worst day since 2022.
  • Revenue beat sends Beyond Meat stock surging.
  • Plus, AAP becomes an options favorite; a Nasdaq top performer; and the electronics stock eyeing its worst day since 2018.

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Making noise in the options pits today is Advance Auto Parts, Inc. (NYSE:AAP). The stock up 5.4% at $68.20 at last check, after posting a better-than-expected full-year forecast. So far, 13,000 calls and 13,000 puts have been exchanged, which is 4 times the average daily volume. The April 50 put is the most popular, with new positions being sold to open there. At last look, AAP has shed 53% since last February.

ACM Research Inc (NASDAQ:ACMR) is one of the top performers on the Nasdaq today, up 34% at $29.15 at last glance, after reporting a fourth-quarter earnings and revenue beat. Today's surge is adding to ACMR's already impressive, 185% 12-month gain, which was supported longer-term by the 180-day moving average.

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The New York Stock Exchange's (NYSE) 3D Systems Corp (NYSE:DDD) is down 23.8% at $4.00 at last check, after the company posted a disappointing fourth-quarter earnings miss, alongside a year-over-year drop in revenue. DDD is now eyeing its worst day since October 2018 and sports a year-over-year deficit of 58%.

 

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