Dow Dips on Trade, D.C. Uncertainty
Bloomberg News indicated the U.S. may not extend Huawei waivers
The Dow Jones Industrial Average (DJI) and its index peers have turned lower today, weighed down by weakness in the tech and energy sectors. Semiconductor stocks in particular are struggling, after Bloomberg News reported the White House may not extend waivers to Chinese tech giant Huawei's U.S. suppliers, while another down day for oil prices has energy stocks sharply lower, with November crude futures falling 1.6% to $55.60 per barrel. The drama out of Washington, D.C., is likely adding to the uncertainty, as investors react to the release of the whistleblower complaint that sparked an impeachment inquiry into President Donald Trump.
Continue reading for more on today's market, including:
3 pharma stocks to watch today. The latest analyst to go bullish on Square. Plus, options hot during Whirlpool rally; a healthcare stock that could triple; and Carnival sinks again.
One name seeing unusual options volume today is Whirlpool Corporation (NYSE:WHR) following an analyst upgrade this morning. The shares are trading up 3.8% at $156, already hitting an annual high of $159.20, but it's put volume that leading the way today. Nearly 7,200 of the contracts have already traded, and the November 160 put is most popular. Those buying the put would be betting WHR shares hold below $160 in the weeks ahead.
One of the best stocks today is precision medicine expert Ideaya Biosciences Inc (NASDAQ:IDYA), after Baird began coverage with an "outperform" rating and $30 price target -- triple the stock's current price of $9.37. The shares traded as high as $16.90 back on their first day of trading in May before falling to a low of $5.41 on Aug. 23. Today, they're up 6.4%.
Carnival Corp (NYSE:CCL) is again a huge loser, down 8.4% today at $44.05, after the company cut its full-year forecast. The equity started off the week with a big pullback on new of Thomas Cook's bankruptcy, and it's now down 34% in the past year. In response, options traders are targeting the $40 level, with new positions at the November 40 put.
