Dow Swings Higher Despite GE Nosedive
Stocks have traded on both sides of breakeven today, with the Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) last seen modestly higher. General Electric (GE) stock is keeping the Dow's gains in check, down nearly 6% at a five-year low, after the company halved its dividend and cut its 2018 profit outlook. President Trump, meanwhile, attempted to curb skepticism that tax reform will get done this year, tweeting "We're getting close!"
Continue reading for more on today's market, including:
The drug stock crushing short sellers.2 healthcare stocks hit by downgrades.Plus, TJX's unusual options; Zymeworks' huge deal; and one pharma stock's rough week.
Among the stocks with unusual options volume is TJX Companies Inc (NYSE:TJX), with roughly 18,000 call options traded -- 23 times the average intraday norm, and on pace for the highest percentile of its annual range. The November 70 and 72.50 calls are among the most popular, with over 11,000 total contracts combined exchanged, amid heavy pre-earnings activity. At last check, TJX stock was up 2% at $71.30 -- set to close atop its 20-day moving average for the first time in more than a month.
The biggest gainer on the New York Stock Exchange (NYSE) is biotech concern Zymeworks Inc (NYSE:ZYME). The shares of ZYME are soaring after news of a license deal with Johnson & Johnson Innovation, with a potential $1.12 billion in commercial milestone payments on the horizon. The stock was last seen up 26% at $8.64.
One of the worst stocks on the Nasdaq today is pharmaceutical company G1 Therapeutics (NASDAQ:GTHX), with the shares falling 9%to trade at $18.90 on no apparent news. Despite dropping more than 19% in the past week, the shares of GTHX are still up 26% from their May IPO price of $15.