Dow Dips on Home Depot, Boeing Weakness
BA and HD are at the bottom of the Dow today
While the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) follow this week's flat trading action, the Dow Jones Industrial Average (DJI) is underperforming due to weakness in Boeing (BA) and Home Depot (HD) shares. Semiconductor stocks in particular have been a strong point today, though traders have mostly stayed on the sidelines ahead of this afternoon's Fed decision and, maybe more importantly, Chair Jerome Powell's press conference.
Bullish attention keeps coming for one outperforming drugmaker. Beyond Meat's big move. Plus, Monster calls fizzle during breakout; Ollie's rises post-earnings; and a CEO surprise sends CMCO lower.
One name seeing unusual options trading is Monster Beverage Corp (NASDAQ:MNST). The beverage stock is trading up 1.1% at $62.20, extending its recent run higher, and some traders seem to be speculating on more upside. Call volume is already at four times the daily average, due to new positions being opened at the December 63 call. Anyone buying the contract is expecting MNST shares to push above $63 before the options expire next Friday, Dec. 20.
One of the best stocks today is Ollie's Bargain Outlet Holdings Inc (NASDAQ:OLLI), as the shares try to battle out of 52-week-low territory, with today's 16.9% surge putting them at $70.46, on pace for the highest close since August's bear gap. The retailer last evening reported third-quarter results that surpassed expectations.
One of the worst stocks today is Columbus McKinnon Corp. (NASDAQ:CMCO), last seen down 10% at $37.99. The company surprised investors with news its CEO Mark Morelli will resign in January. At the same time, CMCO shares are still up more than 25% year-to-date, and seem to be finding support today from the 200-day moving average.
