All three major indexes are looking to snap their win streaks
Stocks are taking a breather, with the S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) firmly lower this afternoon after yesterday nabbing their eighth-straight gains and best win streaks of the year. The Dow Jones Industrial Average (DJI) also carries a midday deficit, looking to snap a five-day win streak as traders continue to wait for the Federal Reserve's meeting minutes for July. Elsewhere, the Cboe Volatility Index (VIX) is on track to score its first daily gain in the last six sessions.
Continue reading for more on today's market, including:
- Eli Lilly stock pops on preliminary study results.
- Beat-and-raise pushes cybersecurity stock higher.
- Plus, options bears blast KSS; Fabrinet hits post-earnings record; and today's worst SPX component.
Kohls Corp (NYSE:KSS) is one of the most heavily traded stocks in the options pits today, with 36,000 puts across the tape so far -- a whopping 19 times the intraday average volume -- compared to only 1,924 calls. Most active is the weekly 8/23 20-strike put, where new positions are being opened. KSS is down 0.3% to trade at $19.91 at last glance, after J.P. Morgan Securities cut its price target to $19 from $20. The retail stock already sports a 30.4% year-to-date deficit, and has struggled with a ceiling at the $20.50 level for most of August.
Fabrinet (NYSE:FN) is leading the New York Stock Exchange (NYSE) today, last seen up 15.6% to trade at $267.56. Today's surge comes on the heels of the company's fiscal fourth-quarter revenue beat and strong forecast for the fiscal first quarter, which resulted in no fewer than five price-target hikes, including one from Northland Capital to $300. FNET earlier hit an all-time high of $275, and is track for its sixth-straight daily gain and best single-day percentage pop in roughly one year.
DexCom Inc (NASDAQ:DXCM) stock is the worst performer on the SPX today, down 5.9% to trade at $73.14 at last check. A ceiling at the $77 level has already capped two rally attempts off a July 26, four-year low of $62.34, and shares are today slipping back below the 20-day moving average despite yesterday's close above the trendline. So far this year, DXCM shed nearly 41%.
