Dow, Nasdaq Drop Triple Digits as Traders Eye Bond Yields
U.S. stocks have shed early gains, with the Dow Jones Industrial Average (DJI) down nearly 400 points at midday. Rising Treasury yields are once again in focus, with Caterpillar (CAT) and Intel (INTC) stocks weighing the most on the Dow, and Apple (AAPL) the only blue chip in the black. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also sharply lower, in yet another volatile day of trading. Outside of corporate earnings -- which included a big win for Twitter (TWTR) -- traders are also eyeing Washington, D.C., with a possible government shutdown looming unless a consensus can be reached by lawmakers before midnight.
Continue reading for more on today's market, including:
Analyst: This Dow stock is headed for 2009 territory. The Amazon news exciting Prime members. Plus, the mobile carrier with unusual options volume; GRUB's outstanding earnings; and iRobot's rough outlook.
Among the stocks with unusual options volume today is mobile carrier stock T-Mobile US Inc (NASDAQ:TMUS), with more than 15,000 calls traded -- eight times what's typically seen at this point in the day. The March 65 call is the most active option, though the shares have erased early gains to trade lower after the company reported fourth-quarter earnings. At last check, TMUS was trading down 4% at $59.57.
The top performer on the New York Stock Exchange today is food delivery service GrubHub Inc. (NYSE:GRUB). Shares of GRUB are soaring after the company reported outstanding fourth-quarter earnings, and in response received a price-target raise to $100 from $80 -- in record-high territory -- alongside a "buy" rating from Craig Hallum. At last check, GrubHub stock was up an impressive 27% at $82.22, and just off a fresh record high of $94.87.
One of the worst performers on the Nasdaq today is electronic device and product developer iRobot Corporation (NASDAQ:IRBT), after the company issued a weak forecast for the year. The disappointing report sent IRBT stock gapping 28% lower to trade at $63.35, with the shares now 21% lower year-to-date.