Earnings Season Highlights

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A collection of noteworthy post-earnings reactions
Published on Jan 9, 2019 at 4:33 PM
Updated on Mar 9, 2022 at 3:00 PM
  • Market Recap

Stocks soared today on lingering trade tailwinds, while a relatively dovish tone in the December Fed meeting minutes only strengthened bulls' resolve into the close. Traders also watched as oil prices surged back above the $50 per barrel mark for the first time since mid-December, while Apple (AAPL) climbed to the top of the Dow, despite an iPhone production cut. By the close, the Dow, Nasdaq, and S&P were all higher for a fourth straight day -- the latter's longest daily win streak since September.

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

The Dow Jones Industrial Average (DJI - 23,879.12) tacked on 91.7 points, or 0.4%. Apple led 19 Dow stocks higher with its 1.7% gain, while Coca-Colo (KO) paced the 11 decliners with its 1.9% drop.

The S&P 500 Index (SPX - 2,584.96) added 10.6 points, or 0.4%, while the Nasdaq Composite (IXIC - 6,957.08) rose 60.1 points, or 0.9%.

The Cboe Volatility Index (VIX - 19.98) fell 0.5 point, or 2.4%, but found support at its 80-day moving average.

closing indexes summary jan 9

NYSE and Nasdaq Jan 9

5 Items on our Radar Today

  1. The minutes from the Federal Open Market Committee's (FOMC) December meeting showed dissent among voting members, despite a unanimous vote to raise the Fed's benchmark interest rate last month. Specifically, the minutes showed several supported holding off on the policy shift to see how the economy reacted to recent volatility, noting that tame inflation allows the central bank "to be patient about further policy firming." (Bloomberg)
  2. Fitch Ratings said an extended U.S. government shutdown puts the country's AAA credit rating at risk. The ratings agency said an ongoing shutdown could create "meaningful fiscal deterioration," and that it's "the debt ceiling that's problematic." (Washington Post)
  3. A rally off recent lows has alarm bells ringing for this tech stock.
  4. This China-based Tesla rival just had its best day in years.
  5. 2 downgraded travel stocks.

Corporate Earnings Jan 9

Unusual Options Activity Jan 9

Data courtesy of Trade-Alert

Oil Reclaims $50 Per Barrel Mark After EIA Data

Oil extended its win streak to an eighth day, after data from the Energy Information Administration (EIA) showed U.S. crude inventories declined by a larger-than-expected amount last week. February-dated crude rose $2.58, or 5.2%, to close at $52.36 per barrel.

February-dated gold futures settled up $6.10, or 0.5%, at $1,292 per ounce ahead of the release of the Fed minutes. The contract continued to climb in electronic trading, after signs of a divided central bank put pressure on the U.S. dollar.

Published on Jan 10, 2019 at 9:10 AM
Updated on Mar 9, 2022 at 3:00 PM
  • Opening View

Dow Jones Industrial Average (DJI) futures are trading below fair value this morning, putting stocks' recent hot streak in danger. Wall Street is still mostly considering the same storylines that have swirled all week, namely U.S.-China trade relations and the ongoing government shutdown. On the data front, weekly jobless claims came in strong again, with the number of Americans filing for unemployment benefits falling more than expected, while investors also consider weak holiday sales figures from a number of retailers. As such, the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are signaling weakness at the open like the Dow.

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

stock futures jan 10

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 1.01 million call contracts traded on Wednesday, compared to 600,185 put contracts. The single-session equity put/call ratio moved down to 0.59, and the 21-day moving average stayed at 0.72.
  2. Digging into some of the big moves out of the retail sector this morning, Macy's Inc (NYSE:M) is headed south, last seen down 17.5% before the open. The company announced its holiday sales, cutting its same-store sales forecast for the quarter. Such price action would send M shares to levels not seen since February.
  3. Ford Motor Co. (NYSE:F) stock is up 0.5% before the bell, after the automaker announced its turnaround plan for Europe, which will include cutting thousands of jobs and exiting poor performing markets. Another positive session would be a fifth straight for Ford stock, though the 50-day moving average is sitting right overhead.
  4. Travel name American Airlines Group Inc (NASDAQ:AAL) is trading 8.6% lower in pre-market action, after the Fort Worth-based company lowered its fourth-quarter unit revenue estimate. This comes just a week after sector peer Delta Air lines (DAL) also sold off for a similar reason.
  5. Today will feature the Fed balance sheet. Richmond Fed President Tom Barkin and St. Louis Fed President James Bullard will speak. Quarterly earnings are expected from Synnex (SNX).

stock market news jan 10

Chinese Data Puts Pressure on Asian Markets

It was a mostly lower finish in Asia today, as traders reacted to fresh signs of a slowdown in China's economy, with both the producer price index and consumer price index rising less than expected in December. This overshadowed news that Washington and Beijing made strides in this week's trade talks, and sent China's Shanghai Composite down 0.4%. Elsewhere, Japan's Nikkei fell 1.3% and South Korea's Kospi gave back 0.1%, though Hong Kong's Hang Seng added 0.2% on strength in pharma stocks.

European markets are in the red at midday, with auto stocks selling off on news of massive restructuring efforts from Ford and Jaguar Land Rover. An unexpected drop in French industrial production in November is only stoking bearish headwinds, with France's CAC 40 down 0.5%. And while the German DAX is off 0.1%, London's FTSE 100 is just fractionally lower as retail stocks pop on U.K. grocer Tesco's upbeat holiday sales figures.

Published on Mar 19, 2019 at 9:23 AM
Updated on Mar 9, 2022 at 3:00 PM
  • Opening View

Dow Jones Industrial Average (DJI) futures are confidently above fair value today. Should today's pre-market price action hold, the blue-chip index could take aim at a five-day winning streak -- which would mark its longest since early January. The two-day Fed meeting will get underway later today, but no rate hike is expected to be announced tomorrow. Instead, investors will be clued in to the Fed’s economic and interest rate outlooks amid global trade tensions between the U.S. and China. Elsewhere, oil prices continue to surge, with April-dated crude futures up 0.7% at $59.54 per barrel.

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

  • Schaeffer's Senior Market Strategist Matthew Timpane breaks down spring seasonality for the next six weeks.
  • 3 reasons Needham downgraded Facebook stock.
  • Signal says this biotech stock could cool off soon.
  • Plus, Loop Capital is bullish on Five Below stock; Netflix draws the line with Apple; and Tilray pops on a revenue beat.

Stock Futures Chart March 19

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 1.1 million call contracts traded on Monday, compared to 576,718 put contracts. The single-session equity put/call ratio fell to 0.52, and the 21-day moving average remained at 0.62.
  2. Five Below Inc (NASDAQ:FIVE) stock is up 1.8% in electronic trading, after Loop Capital upgraded the discount retailer to "buy" from "hold" while raising its price target to $145 from $120, in record-high territory. In the past month, FIVE has pulled back from its Feb. 12 five-month high of $133.65, but has found support at its 160-day moving average.
  3. Netflix, Inc. (NASDAQ:NFLX) stock is up 0.8% ahead of the bell, after the company's CEO Reed Hastings announced its programming will not be featured in Apple's (AAPL) new video service. NFLX recently bounced from a short-term floor around the $350 level, and has added 35% year-to-date.
  4. Shares of Tilray Inc (NASDAQ:TLRY) are up 3.3% in electronic trading, after the company's fourth-quarter revenue exceeded analyst estimates. Volume sales and the average selling price also surged. On the charts, the cannabis stock closed last night at $72.24, bringing its three-month gain to 9.6%.
  5. Factory orders are due today. Earnings from FedEx (FDX) and Tencent Music Entertainment (TME) will be released.

stock market news march 19

Asian Markets Muted Ahead of Fed, Autos Boost Europe

It was a muted session for Asian markets today, with traders mostly standing pat ahead of Wednesday's updated economic forecast from the U.S. Fed. By the close, China's Shanghai Composite was down 0.2%, South Korea's Kospi shed 0.09%, Japan's Nikkei gave up 0.08%, and Hong Kong's Hang Seng managed a gain of 0.2%.

Bulls have taken the reins in Europe at midday, led by automakers amid reports of a possible tie-up between France's Peugeot and Fiat Chrysler. Meanwhile, London-listed stocks are capitalizing on a weaker pound, with the currency backpedaling after parliamentary speaker John Bercow blocked a vote on Theresa May's Brexit deal until the prime minister submits substantial revisions to the proposal. At last check, the U.K.'s FTSE 100 is 0.6% higher, the French CAC 40 has gained 0.5%, and the German DAX is 1.1% higher.

Published on Mar 19, 2019 at 12:09 PM
Updated on Mar 9, 2022 at 3:00 PM
  • Midday Market Check

Eyeing a fifth straight win, the Dow Jones Industrial Average (DJI) is comfortably higher, up 134 points at midday, as investor focus shifts to the two-day Fed meeting, currently underway. Investors don't expect a policy change from the central bank, but will pore over tomorrow's statement for shifts in economic and rate forecasts. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are higher as well, helped by strength in semiconductor stocks.

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

Midday Market Stats March 19

Shoe retailer DSW Inc. (NYSE:DSW) is down 14.4% at $21.75, at last check, and is sporting unusual options volume this afternoon. The security is short-sale restricted today, after the company reported a surprise fourth-quarter loss. So far, about 7,300 calls and 3,300 puts have crossed the tape -- 39 times its average intraday pace. Most active by a long shot is the April 22.50 call, where over 4,400 contacts have exchanged hands. Today's bear gap has set the retailer back 12% year-to-date, and DSW is pacing toward its first close below $23 since last May.

The shares of Warren Buffett-backed financial technology solutions provider StoneCo Ltd (NASDAQ:STNE) are near the top of the Nasdaq today, up 22.4% at $42.36, and earlier hit an all-time high of $43.90, after the company reported solid earnings and said its active client base more than doubled. Year-to-date the stock is up 129%, and it sits 76% higher than its October initial public offering (IPO) price of $24.

Daily STNE since October IPO

One of the top stocks on the New York Stock Exchange (NYSE) is PermRock Royalty Trust (NYSE:PRT), last seen up 7% at $8.56, though the catalyst is unclear. The oil name is up 44% in 2019, but is running into familiar resistance at its 80-day moving average.

Published on Mar 20, 2019 at 9:21 AM
Updated on Mar 9, 2022 at 3:00 PM
  • Opening View

Dow Jones Industrial Average (DJI) futures are trading cautiously above fair value ahead of the final day of the Fed meeting. While next to no one is expecting an interest rate hike, investors are still keen to hear economic projections from Fed Chair Jerome Powell at a 2:30 p.m. ET press conference. U.S.-China trade talks remain in focus, too, especially after yesterday's Bloomberg report spooked markets just before the close. Elsewhere, oil prices are pulling back, with April-dated crude futures down 1% at $58.46 per barrel. 

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

  • Schaeffer's Senior Quantitative Analyst Rocky White outlines the best stocks for straddle trades.
  • KeyBanc delivered some bad news about GrubHub stock.
  • This under-the-radar software stock could be set to push higher.
  • Plus, General Mills toasts earnings beat; SAGE scores big FDA approval; and FedEx reports dismal quarterly results.

Stock Futures Chart March 20

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 1.07 million call contracts traded on Tuesday, compared to 620,918 put contracts. The single-session equity put/call ratio rose to 0.58, and the 21-day moving average remained at 0.62.
  2. General Mills, Inc. (NYSE:GIS) stock is up 2.5% in electronic trading, after the company's fiscal third-quarter earnings and revenue exceeded analyst expectations. The food manufacturing concern also hiked its fiscal 2019 outlook. As of last night's close at $47.24, GIS had added nearly 30% from its Dec.17 bottom of $36.42.
  3. SAGE Therapeutics Inc (NASDAQ:SAGE) stock is up 1.7% ahead of the bell, after the Food and Drug Administration (FDA) approved the company's drug for postpartum depression, the first ever approval of such a treatment. SAGE has added 63% year-to-date, guided higher by its ascending 30-day moving average.
  4. Shares of FedEx Corporation (NYSE:FDX) are down 6% in electronic trading, after the shipping name's fiscal third-quarter earnings and revenue arrived beneath analyst expectations. FDX also cut its full-year profit forecast for a second time in three months. A flurry of bear notes have ensued, including a downgrade to "neutral" from "overweight" at J.P. Morgan Securities, and a price-target cut to $148 from $156 at Morgan Stanley.
  5. Domestic crude inventories will come out today. Guess? (GES) and Micron (MU) will report earnings.

stock market news march 20

Asian Stocks Flat, Europe Digests Brexit Headlines

Stocks in Asia were mostly flat, with questions around trade and the upcoming Fed decision in the U.S. holding back buyers. The positive outlier was Japan’s Nikkei, which managed a 0.2% win despite a slide in shares of Sony and Nintendo following the announcement of Google’s video game streaming service. In China, the Shanghai Composite settled with a 0.01% loss, and Hong Kong's Hang Seng fell 0.5%. Meanwhile, South Korea’s Kospi closed with a 0.02% loss. 

The major benchmarks are mostly lower in Europe today, where traders are also considering fresh headlines about British Prime Minister Theresa May preparing to ask for a short extension to the March 29 Brexit deadline. On top of this, a number of economic reports have come out of the U.K., including numbers showing a small rise in inflation for February. For individual names, German pharmaceutical giant Bayer is selling off after another jury found the company’s Roundup weedkiller was responsible for a man’s cancer. At last check, Germany’s DAX was down 1.2%, the French CAC 40 was off 0.1%, and London’s FTSE 100 was clinging to a 0.01% gain. 

Published on Mar 20, 2019 at 11:46 AM
Updated on Mar 9, 2022 at 3:00 PM
  • Midday Market Check

U.S. stocks are trading modestly lower ahead of this afternoon's Fed decision. The Dow Jones Industrial Average (DJI), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) are all in the red, with the latter index dragged down by a poor earnings reaction for FedEx (FDX). On top of a 2:30 p.m. ET press conference from Fed Chair Jerome Powell, where traders will consider the central bank's view of the economy, Wall Street is also likely exercising caution due to recent reports on U.S.-China trade talks.

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

midday market stats march 20

One name seeing unusual options trading today is Canopy Growth Corp (NYSE:CGC), with the weed stock last seen trading up 4.4% at $48.15. The company just announced an agreement with Hollyweed North Cannabis, which will create oil and resin for the company. In response, CGC calls are trading at four times the expected pace today, and volume is pacing for 100th annual percentile. Most popular is the weekly 3/29 50-strike call, where new positions are opening.

One of the biggest winners on the New York Stock Exchange today is cloud software specialist Smartsheet Inc (NYSE:SMAR), after the company delivered strong quarterly results and forecast better-than-expected full-year revenue. SMAR shares earlier touched a record high of $49.04, last seen trading up 7.3% at $46.60, bringing their year-to-date lead to almost 90%. All eight brokerage firms in coverage already recommended buying Smartsheet stock, and a handful of price-target hikes have come through today following the earnings beat.

A notable loser on the Big Board is Tencent Music Entertainment Group (NYSE:TME), as Wall Street reacts to the company's first earnings release since going public in the U.S. back in December. While the China-based company's fourth-quarter results were mostly in line with analyst expectations, traders are punishing the stock based on the firm's surprisingly high licensing and content production costs. TME shares were last seen down 7.2% at $17.24, but seemingly found a floor near the $17 level that also contained a previous pullback this month.

tencent stock price

Published on Mar 19, 2019 at 4:26 PM
Updated on Mar 9, 2022 at 3:00 PM
  • Market Recap

The Dow was up 195 points at its session peak, but erased these gains by the close after Bloomberg News suggested some U.S. officials are concerned China could have second thoughts on certain trade concessions. This offset assurances from President Donald Trump that, "Talks with China are going very well," given at a press conference earlier today, and a Wall Street Journal report that said U.S.-China trade negotiations are in the final stages. While the Dow missed out on its longest daily winning streak since the start of the year, the Nasdaq muscled to a third straight win on semiconductor strength. Looking ahead, investors are awaiting the conclusion of the Fed's two-day policy meeting, with the central bank's statement due at 2 p.m. ET tomorrow.

The Dow Jones Industrial Average (DJI - 25,887.38) swung to a 26.7-point, or 0.1%, loss. Walt Disney (DIS) paced the 15 Dow decliners with its 2.8% drop, while Pfizer (PFE) and Walgreens Boots Alliance (WBA) led the 15 advancers, gaining 1.1% apiece.

The S&P 500 Index (SPX - 2,832.57) erased its intraday gains to settle fractionally lower. The Nasdaq Composite (IXIC - 7,723.95) outpaced its peers, adding 9.5 points, or 0.1%.

The Cboe Volatility Index (VIX - 13.56) added 0.5 point, or 3.5%.

Closing Indexes Summary March 19

NYSE and Nasdaq Stats March 19

5 Items on our Radar Today

  1. The Commerce Department said U.S. factory orders rose 0.1% in January, less than the 0.3% rise economists were expecting. Shipments, meanwhile, fell for a fourth consecutive month -- the longest such stretch since mid-2015 -- declining 0.4%. (Reuters)
  2. Norwegian aluminum producer Norsk Hydro said it was the "victim of an extensive cyberattack in the early hours of Tuesday." The metals giant said it switched to manual operations to "prevent the encryption virus from spreading between computer servers," and said the impact of the attack was "severe." (CBS News)
  3. These 2 weed stocks were in the news today.
  4. Nvidia, Alphabet, and Electronic Arts all reacted to video game buzz today.
  5. Founder and CEO Bernie Schaeffer checks out the surprising strength in U.K. stocks.

Corporate Earnings March 19

Unusual Options Activity March 19

Data courtesy of Trade-Alert

Oil Prices Slip, While Gold Gains

Oil took a breather today. After settling at a four-month high on Monday, April-dated crude futures gave back 6 cents, or 0.1%, to close at $59.03 per barrel.

Gold gained ground today, on expectations the Fed will stand pat on interest rates. Gold for April delivery added $5, or 0.4%, to settle at $1,306.50 an ounce.

Published on Mar 20, 2019 at 4:31 PM
Updated on Mar 9, 2022 at 3:00 PM
  • Market Recap

The major market indexes spent the early part of the session in the red, as traders eyed dismal FedEx (FDX) guidance and exercised caution ahead of the highly anticipated Fed statement. However, the Dow, S&P 500, and Nasdaq all turned briefly higher in afternoon trading, after the central bank indicated there will be no additional rate hikes in 2019, and outlined a plan to end the reduction of its balance sheet by September. While the Fed cut its economic growth forecast for the year, Fed Chair Jerome Powell said "the U.S. economy is in a good place, and we will use our monetary policy tools to keep it there." 

Nevertheless, financial stocks -- which benefit from higher rates -- fell on the news, with Goldman Sachs (GS) and JPMorgan Chase (JPM) dragging the Dow to a triple-digit loss by the close. The S&P also reversed lower to finish in the red, though the Nasdaq eked out a slim gain.

The Dow Jones Industrial Average (DJI - 25,745.67) traded in a range of nearly 259 points on both sides of breakeven, but ultimately suffered a loss of 141.7 points, or 0.6%. Only seven Dow stocks settled higher, led by a 1.1% gain for Home Depot (HD). GS stock paced the 23 declining blue chips, falling 3.4%.

The S&P 500 Index (SPX - 2,824.23) gave up 8.3 points, or 0.3%. The Nasdaq Composite (IXIC - 7,728.97) outperformed its peers, edging 5 points, or 0.07%, higher.

The Cboe Volatility Index (VIX - 13.91) added 0.4 point, or 2.6%.

Closing Indexes Summary March 20

NYSe and Nasdaq Stats March 20

5 Items on our Radar Today

  1. Google was slapped with a $1.7 billion antitrust penalty in the European Union (EU), with European Competition Commissioner Margrethe Vestager saying the company "abused its dominance to stop websites using brokers other than the AdSense platform." (Reuters)
  2. Finland was once again christened the world's happiest country, according to the United Nations Sustainable Development Solutions Network's 2019 World Happiness Report. Denmark and Norway took runner-up and third place on the list, respectively. (USA Today)
  3. 2 drug stocks flashing buy.
  4. Short seller: This stock could fall to $1.
  5. Jefferies thinks CryoPort stock could double.

Corporate Earnings March 20

Unusual Options Activity March 20

Data courtesy of Trade-Alert

Oil Jumps on Inventories Surprise; Gold Reverses After Fed

Oil bounced back today, after the Energy Information Administration (EIA) reported a surprise drop in weekly crude inventories. April-dated crude futures added 80 cents, or 1.4%, to end at $59.83 per barrel -- a fresh four-month high.

Gold for April delivery ended the session down $4.80, or 0.4%, at $1,301.70 an ounce. However, the malleable metal turned higher in electronic trading, as the dollar weakened in the wake of the Fed announcement.

Published on Mar 21, 2019 at 9:25 AM
Updated on Mar 9, 2022 at 3:00 PM
  • Opening View

Dow Jones Industrial Average (DJI) futures are pointed sharply lower this morning, after Wednesday's Fed announcement sparked concern over a slowing global economy. U.S.-China trade uncertainty is also keeping markets on edge, after President Donald Trump said yesterday tariffs on Chinese goods could remain in place for a "substantial period of time." Elsewhere, oil prices are booming, with April-dated crude futures up 1.9% at $60.12 per barrel. 

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

  • 2 pharma stocks flashing buy.
  • Short seller: This stock is "running on fumes."
  • This biotech stock just won its 10th straight.
  • Plus, another bull note for Apple; Micron hot after earnings beat; and Biogen sinks after pulling Alzheimer's drug.

Stock Futures Chart March 21

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 1.03 million call contracts traded on Wednesday, compared to 604,610 put contracts. The single-session equity put/call ratio stayed at 0.58, and the 21-day moving average remained at 0.62.
  2. Apple Inc. (NASDAQ:AAPL) stock is up 1.2% in electronic trading, after Needham upgraded the FAANG name to "strong buy" from "buy" while boosting its price target to $225 from $180. The new target is just below AAPL's Oct. 3 record high of $233.47. Wedbush also lifted its AAPL price target to $215 from $200. Apple stock is no stranger to bullish analyst attention lately, and has turned in only one daily loss in the past nine sessions.
  3. Micron Technology, Inc. (NASDAQ:MU) stock is up 3.6% ahead of the bell, after the chipmaker's fiscal second-quarter earnings and revenue beat analyst estimates. Analysts have already chimed in, with three brokerages boosting their price targets, including J.P. Morgan Securities to $64 from $55. However, Citigroup downgraded Micron stock to "sell" from "neutral," despite its 26.4% year-to-date gain. 
  4. Shares of Biogen Inc (NASDAQ:BIIB) are down a whopping 27% in electronic trading, after the drugmaker discontinued late-stage trials of its Alzheimer's treatment. Biogen stock had been churning in the $300-$345 range for most of the year, but now is in danger of opening at its lowest level since mid-2016. 
  5. Jobless claims, the Philadelphia Fed business outlook survey, and the Fed balance sheet make up the economic calendar today. Earnings releases out of Nike (NKE) and Canadian Solar (CSIQ) are also due.

stock market news march 21

Europe Stocks Mixed After BoE Decision

Wednesday’s Fed decision out of the U.S. helped prop up Chinese stocks over night. By the close, the Shanghai Composite was sporting a 0.4% lead. Hong Kong’s Hang Seng, however, settled down 0.9% due to a slump in tech shares. South Korea’s Kospi closed up 0.4%, while Japan’s Nikkei was closed for holiday. 

Outside of central bank news from the U.S., traders in Europe today are considering the Bank of England’s (BoE) decision to stand pat on rates, as well. Against this backdrop, and amid the ongoing Brexit drama, stocks were last seen mixed. The FTSE 100 in London is up 0.4%, with retail sales for the U.K. coming in above expectations for February. However, the French CAC 40 is down 0.4%, and Germany’s DAX is off 0.8%, as financial giants Deutsche Bank and Commerzbank sink due to questions surrounding a potential merger between the firms. 

 
Published on Mar 21, 2019 at 12:03 PM
Updated on Mar 9, 2022 at 3:00 PM
  • Midday Market Check

Stocks are moving higher this afternoon, with Apple (AAPL) leading the Dow Jones Industrial Average (DJI) thanks to a shower of bull notes. In addition, the tech-heavy Nasdaq Composite (IXIC) and the S&P 500 Index (SPX) are higher, with Micron (MU) pacing a chip rally. Traders are also digesting newly released jobs data, with weekly jobless claims falling by more than expected last week. Against this backdrop, the major market indexes are on pace to bounce back from yesterday's dovish Fed news.

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

  • Analyst: This stock's "puzzling" sell-off presents an opportunity for bulls.
  • Olive Garden parent pops after earnings win
  • Plus, one retailer's unusual post-earnings options surge; Biogen's big hit; and the food name at the top of the NYSE.

Midday Market Stats March 21

Retail giant Williams-Sonoma, Inc. (NYSE:WSM) is sporting unusual options volume today, with 3,000 calls and 8,600 puts across the tape so far -- seven times the usual volume. Most popular has been the April 57.50 put, where 5,500 contracts have exchanged hands. Today's surge in attention comes after the company's fourth-quarter profit beat, which has WSM shares up 3.1% at $58.67, at last check.

The bottom stock on the Nasdaq today by a long shot is pharmaceutical concern Biogen Inc (NASDAQ:BIIB), last seen down 27% at $233, after halting its late-stage trial for Alzheimer's drug aducanumab. BIIB earlier hit a more than two-year low of $226.61, and is now down 24% year-to-date. No fewer than four bearish analyst notes have been handed to the security, including a downgrade to "market perform" at William Blair, and a price-target cut to $257 from $400 at BofA-Merrill Lynch. 

Packaged foods name Conagra Brands Inc (NYSE:CAG) is at the top of the New York Stock Exchange (NYSE), after the company earlier reported an impressive fiscal third-quarter profit beat. The shares are now up 10.4% at $25.35, at last glance, set to mark CAG's highest close of 2019. CAG is now up 19% year-to-date, with today's success briefly pushing the shares back above the $26 mark for the first time since a post-earnings slide on Dec. 20.

Daily CAG with 80MA Since March 2018

Published on Mar 21, 2019 at 4:26 PM
Updated on Mar 9, 2022 at 3:00 PM
  • Market Recap

The Dow bounced back after Wednesday's Fed-inspired drubbing, surging more than 200 points as Apple (AAPL) stock extended its red-hot price action. Tech sector strength was underscored by a positive earnings reaction for Micron (MU), which helped boost blue-chip semiconductor stock Intel (INTC) nearly 2% higher on the day. Against this backdrop, the S&P 500 and Nasdaq sailed to big wins, as well, with all three major market indexes heading into Friday sporting strong week-to-date gains.

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

The Dow Jones Industrial Average (DJI - 25,962.51) was down 87 points at its session low, before swinging to a 216.8-point, or 0.8%, gain. Apple (AAPL) outpaced 26 Dow advancers with its 3.7% gain, while JPMorgan Chase (JPM) led the four decliners with its 1.6% drop.

The S&P 500 Index (SPX - 2,854.88) tacked on 30.7 points, or 1.1%, while the Nasdaq Composite (IXIC - 7,838.96) added 109.9 points, or 1.4%.

The Cboe Volatility Index (VIX - 13.63) shed 0.3 point, or 2%.

Closing Indexes Summary March 21

NYSE and Nasdaq Stats March 21

5 Items on our Radar Today

  1. The Philadelphia Fed's six-month business outlook index for future activity slumped to a three-year low of 21.8 in March, pressured by lowered expectations for shipments and new orders. "Respondents continue to expect growth over the next six months, but most readings have been trending lower," the report noted. (Bloomberg)
  2. Facebook today confirmed that it stored 200 million to 600 million user passwords to the social media site in plain text, going back to 2012. The data was accessible to Facebook employees, though the company said in a blog post it had "found no evidence to date that anyone internally abused or improperly accessed them." (CNBC)
  3. Darden Restaurants stock cleared a key technical hurdle after earnings.
  4. Behind Biogen stock's plunge to new lows.
  5. Evercore set a lofty price target for PTE shares.

Corporate Earnings March 21

Unusual Options Activity March 21

Data courtesy of Trade-Alert

Oil Dips Back Below $60 Per Barrel

Oil prices pulled back from yesterday's multi-month high, surrendering a short-term foothold above the key $60 per barrel mark. The new front-month May contract settled down 25 cents, or 0.4%, at $59.98 per barrel.

Gold gained today in reaction to a dovish Fed forecast. At the close, April-dated gold was up $5.60, or 0.4%, to settle at $1,307.30 an ounce.

Published on Mar 22, 2019 at 9:20 AM
Updated on Mar 9, 2022 at 3:00 PM
  • Opening View

Dow Jones Industrial Average (DJI) futures are sharply below fair value this morning, under pressure after retail giant Nike (NKE) reported weaker-than-expected North American sales for its fiscal third quarter. Plus, concerns about slowing global economic growth raised after the Fed meeting earlier this week are being exacerbated today after dismal manufacturing data out of the eurozone. Now, a weekly win for the blue-chip index could be in jeopardy, though the S&P 500 Index (SPX) is likely to just pare its impressive week-to-date gain.

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

  • Wall Street is a fan of Ford's new CFO choice.
  • How options traders doubled their money with YUM stock.
  • Analyst: This healthcare stock could double.
  • Plus, GameStop gets a new boss; Apple supplier gets a big upgrade; and holiday sales miss buries Tiffany stock.

Stock Futures Chart March 22

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 1.29 million call contracts traded on Thursday, compared to 658,201 put contracts. The single-session equity put/call ratio fell to 0.51, and the 21-day moving average remained at 0.62.
  2. GameStop Corp. (NYSE:GME) stock is up 1% in electronic trading, after the video game retailer named George Sherman its new CEO, effective April 15. Loop Capital called the hire "impressive ... but no reason to get off the sidelines," while Jefferies trimmed its price target to $12 from $13. GME fell to a 14-year low of $10.35 yesterday.
  3. Lumentum Holdings Inc (NASDAQ:LITE) stock is up 4.8% ahead of the bell, after J.P. Morgan Securities raised its rating on the Apple supplier to "overweight" from "neutral," while boosting its price target to $65 from $50. LITE has added 41% since its Nov. 12 bottom of $37, but the overhead 200-day moving average has emerged as a ceiling.  
  4. Shares of Tiffany & Co. (NYSE:TIF) are down 3.9% in electronic trading, after the luxury retailer's fourth-quarter earnings beat estimates, but same-store sales and total revenue fell short of forecasts. Tiffany stock had added 37% from its Christmas Eve bottom near $73 through last night's close at $100.06, but now is in danger of surrendering a short-term foothold atop its 120-day moving average.
  5. Rounding out the week will be Markit's flash composite purchasing managers index (PMI), existing home sales, the Treasury budget, and speeches from Atlanta Fed President Raphael Bostic and Chicago Fed President Charles Evans. The earnings schedule features Hibbett Sporting Goods (HIBB) and JinkoSolar (JKS)

stock market news march 22

PMI Data Spooks European Stocks

There was cautious trading in Asian markets overnight, as traders look ahead to another round of trade talks next week between the U.S. and China. China's Shanghai Composite rose 0.09% and the Hang Seng added 0.1% in Hong Kong, as Tencent shares provided strength. In Japan, the Nikkei picked up 0.09% on the back of sharp gains out of Softbank, while investors also considered softer-than-expected inflation data. South Korea's Kospi closed with a 0.09% win, too. 

In Europe, the attention is on a round of frighteningly weak economic data. Namely, the eurozone's purchasing managers index (PMI) came in below expectations in March, and specific readings for Germany and France were also weak, with the former country’s manufacturing sector contracting for a third consecutive month. As such, London's FTSE 100 is down 1.4%, France's CAC 40 has shed 1.3%, and the German DAX was last seen 0.7% lower. 

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