Oil prices are plummeting today
The Dow Jones Industrial Average (DJI) is hitting fresh highs today, boosted by big gains for Walt Disney (DIS) stock. However, the upside is modest, as energy giant Chevron (CVX) sells off with oil prices. Specifically, December-dated crude is down 1.8% at $56.71 per barrel. Wall Street is also watching for updates on the U.S.-China trade front, and digesting news of a meeting between President Donald Trump and Fed Chair Jerome Powell, which the former described as "good & cordial" in a subsequent tweet.
Continue reading for more on today's market, including:
- Behind SunPower stock's latest dive.
- Bearish analysts blitz L Brands before earnings.
- Plus, Workday options run hot after downgrade; bull note boosts AMD to top of S&P; and why Abiomed stock is selling off.
Workday Inc (NASDAQ:WDAY) is seeing unusual options volume, after the software stock was hit with a downgrade to "equal weight" from "overweight," and a price-target cut to $180 from $219 at Morgan Stanley. WDAY stock is down 1% at $164.30, and roughly 24,000 options have changed hands -- nine times what's typically seen. The December 170 and 180 calls are most active, and new positions are being initiated here.
Advanced Micro Devices, Inc. (NASDAQ:AMD) is at the top of the S&P 500 today, after Cowen and Company raised its price target on the chip stock to $47 from $40. AMD stock -- which is fresh off its longest weekly win streak in over a year -- was last seen up 2.6% at $39.56, earlier hitting a new 13-year high of $39.99.
Abiomed, Inc. (NASDAQ:ABMD) is the worst S&P 500 stock at midday, with some pointing to a pair of studies questioning the risks associated the company's high-priced Impella heart pump. Whatever the reason, ABMD stock is down 10.1% at $200.75, testing potential support near its Aug. 1 bear gap lows.
