The Dow is taking a breather today, as a struggling retail sector weighs on Wall Street. Among three retail names making notable moves lower today are Kohl's Corporation (NYSE:KSS), Macy's Inc (NYSE:M), and Nordstrom, Inc. (NYSE:JWN). Here's a quick look at what's moving the shares of KSS, M, and JWN.   

Kohl's Earnings Whiff Prompts Option Bear Frenzy

One of the worst stocks on the New York Stock Exchange (NYSE) today is Kohl's, down 18.1% to trade at $47.83, after the retailer reported third-quarter earnings and revenue that fell short of estimates. Kohl's' same-store sales figures also whiffed, and the company also trimmed its fiscal year guidance. In response to what's about to be KSS' worst single-session drop since January 2017, Jefferies trimmed its price target to $65 from $75. 

With Kohl's stock on the short-sale restricted (SSR) list today, options have come into greater focus. At last check, 70,000 contracts have changed hands, four times the average intraday amount and volume on track for the 100th annual percentile. The weekly 11/22 51-strike put is most popular, and there are also new positions being opened at the December 50 put.

Dragged Down by KSS, Macy's Rejected by Key Trendline

Down in the cellar with Kohl's today is Macy's stock, last seen nursing a 10.7% loss at $15.08. The former's dismal report is weighing on M, putting it on track for its worst single-session drop since its own post-earnings bear gap back on Aug. 14. M shares -- now down 54% year-over-year -- were just met with stiff resistance at their 100-day moving average.

Macy's stock is also SSR today, and options traders have responded in kind. With just under two hours left in today's trading, almost 100,00 puts have changed hands, six times the expected intraday amount and four times the average daily volume. Leading the charge by a wide margin is the weekly 11/22 15-strike put, where new positions are being opened. 

JWN Rally Cut Short After Retail Sector Slide

Last but not least, we have Nordstrom stock, down 5.3% to trade at $35.87, with Kohl's' dour forecast weighing heavy on the retailer. JWN was putting together a nice 44% rally from its Aug. 15 bottom of $25, but is now in danger of breaching its 30-day moving average.  

Puts have soared in popularity today. At last check, more than 28,000 JWN puts have been traded, 12 times the expected intraday amount and more than five times the number of calls traded. Once more, a weekly option leads the charge, with the Nov. 22 31-strike put in command today, and new positions being opened. 

It's been a volatile stretch for Intelsat SA (NYSE:I) stock, as evidenced by its 30-day historical volatility of 237.1% -- an annual high. Most of this action has been to the downside, after the Federal Communications Commission (FCC) backed a public auction for C-band spectrum, with I shares plunging from a Nov. 5 intraday peak at $26.90 to yesterday's 19-month low at $5.55.

Today, though, the extremely oversold Intelsat stock -- its 14-day Relative Strength Index (RSI) closed last night at 14 -- is up 13.8% to trade at $6.93. Sparking the tailwinds is an upgrade to "outperform" from "market perform" at Raymond James, which said the risk/reward for I is "now more interesting" following its "dramatic" retreat.

Options traders have been showing unusual interest in Intelsat during its extreme price moves. Currently, call and put open interest is docked at a 52-week peak of 335,198 contracts and 218,497 contracts, respectively. Narrowing the scope, the December 9 put saw a considerable rise in open interest over the last two weeks, and data confirms at least some buy-to-open activity here.

Outside of the options pits, there's plenty of skepticism priced into the underperforming shares. While four of seven analysts maintained a "hold" or "sell" rating prior to today, more than 18% of I's available float is controlled by short sellers. However, these bearish bettors remain sidelined in today's session, with Intelsat still on the short-sale restricted list following Tuesday's 24.2% slide.

The Dow is lower today, as U.S.-China trade woes weigh on Wall Street. Among three names making notable moves today are Chinese stock Pinduoduo Inc (NASDAQ:PDD), telecommunications giant AT&T Inc. (NYSE:T), and biotech Cancer Genetics Inc (NASDAQ:CGIX). Here's a quick look at what's moving the shares of PDD, T, and CGIX.   

PDD Breaches Key Trendline After Q3 Miss

The top loser on the Nasdaq today is Pinduoduo, down 23% to trade at $31.35, after the e-commerce company reported a wider-than-anticipated third-quarter loss. PDD is cruising toward its worst single-session drop ever, despite just nabbing a record high of $42.25 as recently as Nov. 5. The shares are set to to breach their 80-day moving average for the first time since late July, and are back trading at the levels from early October.

The steep losses have PDD on the short-sale restricted (SSR) list today, so options have come into greater focus. At last check, 70,000 contracts have changed hands, triple the average intraday amount, and volume on track for the 99th annual percentile. The December 35 call is the most popular, and there are also new positions being opened at the December 30 put. 

KeyBanc Skeptical of AT&T Subscriber Potential

AT&T stock is down 4.1% to trade at $36.43, after KeyBanc predicted subscribers fell in October, and cast water on the company's HBO Max revenue potential. After nabbing a two-year high of $39.70 on Monday, T is heading toward its second straight day of sharp losses, and has now dipped below its 80-day moving average for just the second time since July. 

Options are hot today, with an emphasis on puts. At last check, 148,000 puts have changed hands, five times the average intraday amount and 3.8 times the average daily volume. The weekly 11/22 37.50-strike call is the most popular, though, with the March 33 put a close second, and new positions being opened at both.   

Strategic Review News Powering CGIX's Best Day Ever

The best stock on the Nasdaq today -- even better than Aravive (ARAV) -- is Cancer Genetics, last seen up 205.3% to trade at $6.35. This comes after the company announced it is utilizing H.C. Wainwright to explore strategic alternatives, including a potential merger or sale. In addition, the biotech said it swung to a profit in the third quarter. CGIX is cruising toward its biggest one-day gain ever, and is on track to topple its 120-day moving average on a closing basis for the first time since Oct. 17.

Just one day off a blowout earnings report that led to a new record high, Target Corporation (NYSE:TGT) is up 1.3% in electronic trading, continuing its climb higher and set to open at another all-time peak after receiving a fresh round of bull notes. Following last night's close, no fewer than 10 brokerage firms handed out a price-target hike on the security.

The most generous so far has been out of Raymond James and Citigroup, both of which raised their TGT price targets to $150 -- a nearly 19% premium to Wednesday night's close at $126.43. Meanwhile, KeyBanc chimed in, saying Target is well-positioned for the holiday season.

The shares are now set to open at $127.98, shattering yesterday's all-time high of $127.19. The equity is also up 91% year-to-date, and recently enjoyed a bounce off its 50-day moving average -- a new layer of support. In terms of analyst support, 13 covering firms carried a "strong buy" coming into today.

In the wake of earnings, it's a good time to buy options premium on Target stock. This is per the equity's Schaeffer's Volatility Index (SVI) of 23%, which ranks in the 18th percentile of its annual range. In simpler terms, near-term options are pricing in unusually low volatility expectations at the moment.

Applied Materials, Inc. (NASDAQ:AMAT) is falling even deeper off Monday's record high of $63.07, down 4.2% to trade at $57.16 after UBS cut the semiconductor stock to "sell" from "neutral," and slashed its target by one dollar to $48. The analyst foresees AMAT's wafer fab equipment run rate contracting in the first half of 2020, putting the stock at risk, and added that while its Display sales could defend against headwinds, weakening demand for LCD in China makes this possibility less likely. 

The dip has AMAT eyeing its first close south of its 10-day moving average since late-October, and down roughly 7% for the week. The stock is testing its footing back at its pre-bull gap levels near the $56-$57 region, too -- an area it sliced through after a fiscal fourth-quarter earnings beat last week. On the other hand, the shares boast a roughly 74% year-to-date gain.

UBS' warning comes just days after analysts swarmed the stock will bull notes. In fact, coming into today, 12 called AMAT a "buy" or better, compared to six "hold" ratings, and not a single sell to be seen. Plus, the consensus 12-month price target of $67.04 is a 16% premium to last night's close, leaving the equity wide open for bear notes and/or price-target cuts.

This week's slide may have been inevitable. The stock last Friday was firmly in "overbought" territory with a 14-day Relative Strength Index (RSI) of 78. This suggests a short-term sell-off may have already been in the cards for AMAT. 

It will be an abbreviated week on Wall Street, with markets shuttered Thursday, Nov. 28, and closing early on Friday, Nov. 29, for the Thanksgiving holiday. There's plenty of action for investors to consider, though, with an onslaught of retail earnings slated for release ahead of Black Friday -- the unofficial start to the holiday shopping season. The economic calendar is chock-full, too, with durable goods, gross domestic product (GDP), and housing data all on tap.

Below is a brief list of some key market events scheduled for the upcoming week. All earnings dates listed below are tentative and subject to change. Please check with each company's respective website for official reporting dates.

Monday, Nov. 25, features the Dallas Fed manufacturing survey. Agilent Technologies (A), Ambarella (AMBA), Hewlett Packard Enterprise (HPE), Nutanix (NTNX), and Palo Alto Networks (PANW) will report earnings.

On Tuesday, Nov. 26, Wall Street will get updates on international trade in goods, the S&P CoreLogic Case Shiller home price index, new home sales, and consumer confidence. Earnings from Autodesk (ADSK), Abercrombie & Fitch (ANF), Best Buy (BBY), Burlington Stores (BURL), Dick's Sporting Goods (DKS), Dollar Tree (DLTR), HP (HPQ), PVH Corp (PVH), and VMware (VMW) are due.

Durable goods data is due Wednesday, Nov. 27, along with the second estimate on third-quarter GDP, personal income and spending, pending home sales, weekly crude inventories, and an early look at weekly jobless claims. The Fed's Beige Book is also slated for release. Deere (DE) and GameStop (GME) will take their turn in the earnings confessional.

The stock market will be closed on Thursday, Nov. 28, for Thanksgiving Day. Markets will close at 1 p.m. ET on Friday, Nov. 29, but traders will be eyeing preliminary Black Friday sales throughout the abbreviated session, as well as the Chicago purchasing managers index (PMI).

While the Dow is sinking midday amid a weakening retail sector, news that the U.S. House Judiciary Committee has approved a bill to legalize marijuana on the federal level has the pot sector flying high. The bill, called the Marijuana Opportunity Reinvestment and Expungement Act of 2019, was approved in a 24-10 vote and brings the legalization of cannabis closer to potentially being passed by the Democratic-controlled House of Representatives. Three stocks in particular surging on the news are Canopy Growth Corp (NYSE:CGC), Aurora Cannabis Inc (NYSE:ACB), and Cronos Group Inc (NASDAQ:CRON). Below, we'll look at how CGC, ACB, and CRON are faring today. 

Bulls Pile on as CGC Stock Continues Rally 

Canopy Growth is continuing its rally off Tuesday's two-year bottom of $13.81, on pace to notch its third consecutive win, and close north of familiar pressure at its 40-day moving average for the first time since late May. The stock has also successfully closed its post-earnings bear gap, suffered last week after posting a third-quarter loss. The stock is up 17.7% to trade at $20.96 at last check.

Options players have been piling on in response. So far, 171,000 calls and 85,000 puts have crossed the tape -- five times the intraday average. A massive amount of this activity is taking place at the 11/22 20.50-strike call, while the June 25 and 11/22 strike call are seeing a lot of action as well, with contracts being opened at both. 

ACB Eyes Biggest Jump in Nearly a Year

Aurora Cannabis is the best performer of the three stocks covered so far today, up 18.6% to trade at $3.13 at last check. Like Cronos, ACB is also enjoying day three of its rally off two-year lows near the $2 region, following a disappointing earnings report. Now, ACB is squaring back up with its descending 20-day moving average -- a trendline the pot stock briefly conquered earlier this month. 

Calls are flying off the shelves for Aurora, too, with 118,000 exchanged so far -- four times whats typically seen at this point. Quite a bit of buying action seems to be happening at the weekly 11/22 3-strike call and the 11/29 3.50-strike call, with contracts being opened at the former. 

Options Bulls Bet on More Upside for CRON Stock

Cronos is also joining the sector rebound, up 11.5% to trade at $7.66 -- testing its footing back at the 20-day moving average, and eyeing its highest close in two weeks. As to be expected, options are popping for CRON stock too, with 83,000 calls and 20,000 puts on tap so far -- double the intraday average. The weekly 11/22 8-strike call is the post popular, with positions opening here for a volume-weighted average price (VWAP) of $0.15. This means these traders are likely expecting CRON to pop north of $8.15 (strike + VWAP) by the time these contracts expire tomorrow. 

The shares of Eyegate Pharmaceuticals Inc (NASDAQ:EYEG) are surging this morning, just after the drugmaker said its experimental Ocular Bandage Gel (OBG) eye drop showed greater improvement in patients with eye wounds than those met with standard care.

The firm said it will submit the treatment for a marketing application by the first half of 2020. In response, EYEG is up 83.1% at $8.82, set for its biggest one-day percentage gain in nearly three years. 

Prior to today, EYEG was attempting to rally off its late-August record low of $2.25. The security had doubled off this bottom through last night's close, but was running into pressure at the 320-day moving average, and was suffering from a 31.3% year-to-date deficit. Today, however, EYEG has sliced through this trendline and swung into the green for 2019, trading directly below its Jan. 15 annual peak of $8.83.

Remote conferencing specialist Zoom Video Communications Inc (NASDAQ:ZM) has seen its stock struggle in recent months, hitting fresh lows near $60 a month ago. But while the 50-day moving average was seemingly set to act as resistance, marking a top in yesterday's session, the shares are trading 2.9% higher today at $71.96 after Guggenheim gave the security bullish attention.

In a note this morning the brokerage firm wrote about its belief in Zoom Video's business model, saying it sets the stage for an "extraordinary growth rate." The analyst began coverage with a "buy" rating and $90 price target, a 25% premium to current levels. ZM, which began trading publicly back in April, climbed as high as $107.34 back in June.

Most other analysts remain on the fence, with nine of the 15 in coverage handing out "hold" or "strong sell" ratings. However, sentiment in the options pits has been bullish. Data from the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows a 10-day call/put volume ratio of 3.67, showing almost four long calls crossing for every put in the past two weeks. Peak open interest in the front-month December series is at the 70 call.

Similarly, short interest has been declining fast on the stock, suggesting some see a move higher on the horizon. In just the past two-week reporting period, short interest fell by 42.4%.

Chinese multinational conglomerate Alibaba Group Holding Ltd (NYSE:BABA) is down 0.2% at $184.49 this morning, with traders seemingly brushing off the stock's latest bull rating from Macquarie. The brokerage firm earlier initiated coverage with an "outperform" rating and $231 price target, saying they are "holistically positive as Alibaba continues to build...users and services." Coming into today, all but one covering analyst carried a "buy" or "strong buy" rating, with not a single "sell" on the books.

BABA has been trending higher since finding support at the round $150 level in late May, and is now up 34% year-to-date. Support from the 20-day moving average has been firm over the past month, with the trendline capturing multiple pullbacks from the equity.

Meanwhile, data from the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows BABA with a 10-day call/put volume ratio of 2.82, ranking in the 85th annual percentile. However, short-term speculative sentiment on BABA isn't totally euphoric; peak front-month call open interest lies at the in-the-money December 180 call.

The week looked promising for stocks on Monday, as the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) all managed to grab fresh highs as investors brushed off ongoing trade uncertainties. The mood on Wall Street shifted on Tuesday, however, after highly anticipated earnings from Blue Chip Home Depot (HD) fell flat. This sell-off was further exacerbated by comments from President Donald Trump threatening to raise tariffs if a deal between the U.S. and China could not be reached. 

This dismal trade sentiment led to a three-day losing streak for the Dow, as even more tension-building trade news began to trickle in, including a report from Reuters that a "phase one" trade deal wouldn't happen until next year, and a Wall Street Journal report suggesting China may have invited U.S. officials to continue negotiations in Beijing. As of this writing, both the Dow and S&P are looking to snap their three-day losing streak.

Retail Sector Abuzz Before Black Friday 

The retail sector has seen a lot of action this week, with earnings still pouring in and the Black Friday shopping event just around the corner. Headlining this busy week was the aforementioned dismal report from Home Depot (HD), which weighed down the sector. Kohl's (KSS), Urban Outfitters (URBN), and Macy's (M) joined in with dismal earnings of their own. 

It wasn't all bad news though. Despite the stock moving lower, Victoria's Secret parent L Brands (LB) pulled through with a strong full-year forecast. Target (TGT), Lowe's (LOW) and Nordstrom (JWN) also posted well-received results, despite the bearish sentiment that circled the two pre-earnings. Meanwhile, a bear signal just sounded for Bed Bath & Beyond (BBBY) which could push the stock even further down. 

Pot Stocks Burn Bright on Federal Bill Buzz 

News that the U.S. House Judiciary Committee approved a bill to legalize marijuana at a federal levels had U.S.-traded pot stocks popping this week. Canopy Growth (CGC), Aurora Cannabis (ACB) and Cronos (CRON) were among the names to get a boost. Earlier in the week, sector peer Tilray (TLRY) got a boost, which had options bulls calling a short-term bottom on the pot stock. 

Shortened Week Features Retail Earnings, Deluge of Economic Data

Although markets will be closed for the Thanksgiving holiday next Thursday, and Friday will be an abbreviated session, there's still plenty of activity for investors to gobble up. The retail sector will remain front and center, with the Black Friday shopping event, and the unofficial start to holiday shopping season. Several members of this sector will also take their place in the earnings confessional, including Dick's Sporting Goods (DKS) and Dollar Tree (DLTR). On the economic front, durable goods, gross domestic product (GDP) and housing data is due out.  

While the Dow is eyeing a weekly loss amid murky U.S.-China trade sentiment, two stocks are bucking the broad-market trend following impressive earnings reports are software concern Splunk Inc (NASDAQ:SPLK) and retailer Hibbett Sports, Inc (NASDAQ:HIBB). Below we'll look into how SPLK and HIBB are faring today. 

SPLK Gets Bombarded With Bull Notes 

The shares of SPLK are trading just below their new four-month high, notched earlier today, are on pace for their biggest percentage gain in over 15 months, and are pacing for their sixth straight win after the company reported a third-quarter loss of 38 cents per share, and revenue of $626 million per share, both of which exceeded analysts estimates.

The firm also lifted its full-year sales forecast, leading at least 10 members of the brokerage bunch to lift their price targets, including SunTrust Robinson which lifted its estimate to a Street high of $175 from $160. While those in coverage have held their ratings steady, sentiment surrounding the marketing software name is already quite bullish, with 24 of the 27 analysts calling it a "buy" or better. At last check, SPLK is up 10.7% to trade at $140.28.

Options Bulls Latch on to HIBB Stock After Hitting Fresh Highs 

While analyst attention has been scarce following Hibbett's third-quarter report, which featured an earnings and sales beat, as well as a hiked full-year forecast, options traders have been piling on the sports apparel retailer today. So far, 1,000 calls and 630 puts have crossed the tape -- five times the average intraday. During the past 10 days at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call and put buying was basically even, but overall open interest remains at relatively low levels.