The Dow is down over 154 points
Stocks have given up their morning gains at midday, with the Dow Jones Industrial Average (DJI) last seen down 154 points, while the Nasdaq Composite (IXIC) is struggling for direction, and the S&P 500 Index (SPX) is deeper into bear market territory. A slightly lower-than-expected producer price index (PPI) for May initially created some tailwinds, but expectations of a 75-basis-point rate hike later this week have soured investor sentiment once again.
Continue reading for more on today's market, including:
- Buyout offer pushes oil stock to multi-year highs.
- What sent Oracle stock on a post-earnings surge.
- Plus, bears target EQT; REV volatile amid bankruptcy rumors; and OM gets analyst drubbing.
EQT Corporation (NYSE:EQT) is seeing an unusual amount of bearish trading in its typically quiet options pits. So far, 6,160 puts have crossed the tape, which is four times the intraday average. The June 41 put is the most popular, with positions being opened there. EQT was last seen down 7.3% at $41.77, and while there is no apparent reason for the negative price action, the natural gas concern is headed for its first close below the 40-day moving average since May 10. Year-to-date, EQT still boasts an over 93% lead.
Cosmetics name Revlon Inc (NYSE:REV) is far and away the best performing stock on the New York Stock Exchange (NYSE) today. Last seen up 108.6% at $2.44, the stock is staging a bounce off yesterday's 42.9% drop, after the Wall Street Journal reported the company could file for Chapter 11 bankruptcy as soon as this week. The news sent REV to a record low of $1.08 in the previous session, and even with today's doubling, the stock has lost over 84.3% in the past year.
One of the worst stocks on the NASDAQ is Outset Medical Inc (NASDAQ:OM). The equity was last seen down 29.2% at $14.46, after Cowen lowered its price target to $33 from $60, while Stifel slashed its price objective to $30 from $55. This comes just one day after the company suspended its guidance and announced a shipment hold on the distribution of its Tablo Hemodialysis System, as approval by the U.S. Food and Drug Administration (FDA) is still pending. The stock earlier hit a record low of $13.67.