Dow Sinks as Oil Heads Toward 10th Straight Loss
December crude futures briefly breached the $60-per-barrel mark earlier
The Dow Jones Industrial Average (DJI) is cutting into its impressive weekly gain today, as traders digest this morning's inflation data. Wall Street is also watching as oil prices sink further into bear market territory, with December-dated crude futures down 0.8% at $60.19 per barrel -- on track for their 10th straight decline ahead of this weekend's meeting among Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are in the red, too, though both are pacing toward weekly wins, as well.
Continue reading for more on today's market, including:
Why this analyst set a Street-low GE price target.Dropbox is seeing heavy call volume after earnings.Plus, day traders blast Finisar; a big earnings beat for Hertz; and Yelp's really bad day.
Day traders are targeting Finisar Corporation (NASDAQ:FNSR) on news the optical components maker is being bought by sector peer II-VI (IIVI) for roughly $3.2 billion in cash and stock. Amid accelerated call volume -- the 15,000 contracts traded so far is 23 times the expected intraday amount -- buy-to-open activity has been detected at the weekly 11/9 20- and 21.50-strike calls. FNSR stock is up 17.6% to trade at $22.21.
Hertz Global Holdings Inc (NYSE:HTZ) is near the top of the New York Stock Exchange (NYSE) today, after the car rental name reported better-than-expected earnings of $2.14 per share and revenue of $2.8 billion. HTZ stock is up 15.2% to trade at $18.62 -- on pace for its best week since July 2017 and its first close north of its 200-day moving average since mid-September.
Yelp Inc (NYSE:YELP) is the worst stock on the Big Board so far, after the online review name's fiscal first-quarter revenue miss and downwardly revised full-year revenue forecast was met with a round of bearish brokerage notes. YELP stock is down 28.7% at $31.03, bottoming at an annual low of $29.35 earlier, on track for its worst day ever.