The S&P is trying to end its five-day skid
While the Dow Jones Industrial Average (DJI) remains lower and is headed toward its fifth straight loss -- which would mark its longest losing streak since June -- stocks have recovered much of their early declines. In fact, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are sporting modest gains at midday, with the former index looking to end its five-session losing streak.
Still, it's a down day for retailers following October retail sales data and earnings from Walmart (WMT). Plus, Brexit upheaval in Britain is underscoring concerns raised by Fed Chair Jerome Powell last night about "growing signs" of a global slowdown.
Continue reading for more on today's market, including:
- The tech stock Warren Buffett is buying.
- Behind J C Penney's disastrous earnings report.
- Plus, Macy's bear makes a quick $3 million profit; the drug stock set for its best day since March; and NetApp plunges post-earnings.
Macy's Inc (NYSE:M) is seeing unusual options activity today, with nearly 134,000 puts on the tape -- 13 times what's typically seen at this point and the number of calls traded. Trade-Alert highlights 40,000 November 33 puts that are likely being sold to close for $1.19 apiece, after being purchased for 42 cents each, translating into a $3.08 million profit. The trader may also be rolling their bearish bet down and out to the December 30 put. The retail stock is down 3.8% to trade at $31.96 -- set for its fifth straight loss following yesterday's sharp post-earnings reversal.
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) is near the top of the Nasdaq, after the company said it sold the rights to its hyptertension treatment to United Therapeutics (UTI). ARNA stock is up 25.9% at $40.92 -- set for its best day since March 20 -- but running out of steam near its 200-day moving average, which has kept a lid on the shares ever since the equity suffered back-to-back bear gaps in early October.
NetApp Inc. (NASDAQ:NTAP) is one of the worst stocks on the Nasdaq at midday, down 11.7% to trade at $68.91 -- slicing through recent support at $72 and its 200-day moving average. While its quarterly profit beat expectations, the cloud concern gave weak revenue guidance, which earned the stock a round of price-target cuts.