The Dow could extend its losing streak to eight days
Stocks are again falling today, and the Dow Jones Industrial Average (DJI) is in danger of an eighth straight decline. Trade war fears are weighing on names like Boeing (BA) and Caterpillar (CAT), though Intel (INTC) is the biggest blue-chip loser following the surprise departure of CEO Brian Krzanich.
A broader pullback in tech shares is also dragging down the S&P 500 Index (SPX) and Nasdaq Composite (IXIC), with Amazon (AMZN) among the notable decliners after a Supreme Court decision that allows states to collect taxes on online sales. Meanwhile, the energy sector remains in focus ahead of tomorrow's Organization of the Petroleum Exporting Countries (OPEC) meeting, with August-dated crude futures last seen 0.3% lower at $65.54 per barrel.
Continue reading for more on today's market, including:
- Analyst eyes 300% rally from this foreign stem cell stock.
- 2 medical tech stocks named top picks at J.P. Morgan.
- Plus, Netflix hits new high; Kroger stock's big move; and Medifast stock slims down.
One name seeing heavy options trading today is Netflix, Inc. (NASDAQ:NFLX), after the FAANG stock received yet another $500 price target. NFLX shares are trading up 0.4% at $418.40, earlier hitting a record high of $423.21, and options traders are betting on more near-term upside. The weekly 6/22 series is extremely popular, accounting for the 10 most popular contracts overall. In the lead is the 420-strike call, where data points to buy-to-open activity -- meaning bulls foresee Netflix stock moving back atop $420 by tomorrow's close, when the contracts expire.
Kroger Co (NYSE:KR) is one of the best stocks on the New York Stock Exchange (NYSE) today, following the company's strong quarterly update. KR shares were last seen trading up 9.4% at $28.63, extending what's been an extremely volatile year on the charts. This puts the stock on pace for its highest close since early February.
Meanwhile, dieting specialist Medifast Inc (NYSE:MED) is taking a nasty fall, trading down 8.3% at $161.88, though it's not clear what's behind the sell-off. Given the stock's long-term gains, more than tripling in value over the past year thanks to some monster post-earnings moves, the losses could be attributed to a round of profit taking. Regardless, MED shares dipped below the 20-day moving average for the first time since early May.
