Trump said he was "not ready to make a deal" with China
The Dow Jones Industrial Average (DJI) is looking to end the wild trading week on a sour note, down more than 200 points at midday. President Donald Trump confirmed earlier reports that the U.S. is "not going to do business with Huawei," sending chip stocks into the red. In addition, the U.S. leader said he was "not ready to make a deal" with China, and said "we'll see whether or not we keep our [trade] meeting in September." Against this backdrop, the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are also in the red at midday.
Continue reading for more on today's market, including:
- Trade tensions are blasting these 2 chip stocks today.
- Jefferies says buy the dip on this pharma stock's bad day.
- Plus, options bulls go wild for one blockchain stock; RKDA gets a USDA nod; and how one VRAY bear made millions overnight.
There's plenty of action in the options pits for Overstock.com Inc (NASDAQ:OSTK), which initially fell on a second-quarter revenue miss, but wound up reversing course to hit a new nine-month high earlier. So far, 22,000 call contracts have crossed the tape, three times what is typically seen at this point. There is plenty of buying action at the weekly 8/9 24- and 22- strike calls, with contracts being opened at the former. The stock was up 15.3% at $24.53, at last check.
Agricultural biotech Arcadia Biosciences Inc (NASDAQ:RKDA) is near the top of the Nasdaq today, after a joint venture's drought-tolerant soybean, HB4, received commercialization approval from the U.S. Department of Agriculture (USDA). RKDA stock is up 37.5% to trade at $2.76, eyeing its best day in over a year, as well as its first close atop its 20-day moving average since gapping lower in mid-June. The shares peaked at $4.55 earlier -- more than double yesterday's close.
MRI manufacturer ViewRay Inc (NASDAQ:VRAY) is trading near the bottom of the Nasdaq today. The stock hit a new two-year low of $2.89 earlier, and is now down 44.1% at $3.77, following a disappointing second-quarter earnings report and lowered full-year revenue guidance. However, one options bear placed a well-timed bet yesterday, buying a block of now in-the-money August 6 puts.