Dow Down After Kudlow Tariff Comments
The S&P and Nasdaq are up modestly at midday
It's a choppy trading session on Wall Street today, as Wall Street gets blitzed with trade buzz before this weekend's meeting between U.S. President Donald Trump and Chinese leader Xi Jinping at the G-20 summit. Most recently, top White House economic advisor Larry Kudlow said no preconditions have been arranged for the meeting, and the U.S. could implement new tariffs on Chinese goods. At last check, the Dow Jones Industrial Average (DJI) was last seen slightly lower on Boeing (BA) headwinds, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are up modestly -- with the SPX on track to snap its four-day losing streak.
Continue reading for more on today's market, including:
Why Evercore ISI has a zero-dollar price target on this stock.Options traders are in overdrive as Conagra eyes worst day of 2019.Plus, a bullish options bet on small caps; the real estate stock breaking out; and Pier 1 sinks to the bottom of the Big Board.
The iShares Russell 2000 ETF (IWM) is seeing unusual options activity, with nearly 77,000 calls traded so far -- 1.5 times what's typically seen at this point. Trade-Alert highlights 20,000 weekly 6/28 155-strike calls that were likely bought to open for $0.06 apiece. If this is the case, the call buyer will profit the further IWM moves north of breakeven at $155.06 (strike plus premium paid) through tomorrow's close. It's also worth noting that the annual rebalancing of Russell indexes happens tomorrow. The shares are up 1.1% today at $152.44.
Howard Hughes Corp (NYSE:HHC) is trading at the top of the New York Stock Exchange (NYSE) today, after a CNBC report indicated the Texas-based real estate firm is considering strategic alternatives, including a potential sale. HHC stock has shot up 29.7% to $120.09, breaking through long-term resistance at its 180-day moving average, and headed for its highest close since Oct. 4.
Pier 1 Imports Inc. (NYSE:PIR) is at the bottom of the Big Board, pressured by a 13.5% drop in comparable sales for the home goods retailer in its first quarter. Net sales were also down over the three-month period, and interim CEO Cheryl Bachelder warned of continued weakness in sales and margins into the current quarter. In reaction, PIR stock is down 10% at $7.90.