Dow Lags as 3M Underperforms
Both L Brands and Nordstrom are sinking ahead of earnings
Stocks are struggling at midday amid lingering concerns over U.S.-China trade negotiations. Although the major benchmarks have come off their intraday lows, the Dow Jones Industrial Average (DJI) is down more than 90 points at last check on sharp losses forconsumer products specialist 3M (MMM). The S&P 500 Index (SPX) is also in the red, while the Nasdaq Composite (IXIC) bounces between positive and negative territory. Looking ahead, the minutes from the latest Fed meeting are due out at 2 p.m. ET.
Continue reading for more on today's market, including:
The drug stock up more than 75% today.Why Raymond James is buying Intelsat stock.Plus, pre-earnings L Brands bulls active; Target pops on beat-and-raise; and Nordstrom breaches key trendline before earnings.
L Brands Inc (NYSE:LB) is seeing unusual options volume, as the retailer prepares to report third-quarter earnings after tonight's close. Despite LB's dismal earnings history, roughly 35,000 calls have changed hands -- 18 times what's typically seen at this point -- versus around 11,000 puts. The January 2020 17.50-strike call is popular today, and it's possible new positions are being purchased here. LB shares are down 6.9% at $16, nearing their Sept. 3 nine-year low of $15.82.
Target Corporation (NYSE:TGT) is at the top of the S&P 500 today, up 12.3% at $124.55 -- likely catching a recent batch of options bears off-guard. TGT stock is fresh off a record high of $126.06 earlier today, after the retailer reported blowout third-quarter results and boosted its full-year profit forecast.
Nordstrom, Inc. (NYSE:JWN) is one of the worst stocks on the SPX this afternoon -- down 3.2% at $34.38, surrendering a foothold atop its 40-day moving average. Sector headwinds have knocked JWN shares down 9.9% this week, ahead of the department store chain's own turn in the earnings confessional after the market closes tomorrow, Nov. 21.
