Dow, S&P Lower on Fed Anticipation
Apple reported an impressive earnings beat last night
Building anticipation ahead of this afternoon's Fed policy decision is overshadowing an Apple (AAPL) earnings beat, with theDow Jones Industrial Average (DJI) and S&P 500 Index (SPX) lower at midday. In addition, Travelers (TRV) stock is slipping amid insurance-sector woes, further weighing on the blue-chip index. The Nasdaq Composite (IXIC) is modestly higher, however, struggling to stay abovebreakeven.
Continue reading for more on today's market, including:
Analyst: Sell this sinking social media stock.This Apple supplier is soaring ahead of earnings. Plus, TAP's unusual options volume; Wayfair stock's fresh boost; and the drug company accused of "blatant fraud."
One stock seeing unusual options volume today is brewing concern Molson Coors Brewing Company (NYSE:TAP). The stock is seeing a surge in options trading following the company's weak first-quarter earnings report. So far, roughly 13,000 calls and 8,000 puts have traded -- 28 times what's typically seen at this point in the day, and pacing for the busiest options day in at least a year. It looks like some traders may be liquidating the now in-the-money May 67.50 put. The stock was last seen down 12% at $63.04, fresh off a three-year low of $62.01, making its way to the short-sale restricted list.
One notable winner on the New York Stock Exchange (NYSE) is Wayfair Inc (NYSE:W), after the firm reported solid first-quarter revenue. W stock was last seeing trading up 11.5% at $72.57, but is still staring up at its 50-day moving average.
Pharma concern Akorn, Inc. (NASDAQ:AKRX) is one of the Nasdaq's worst performers, after German healthcare group and former Akorn suitor Fresenius claimed it uncovered "blatant fraud at the very top level." The stock was down 9% at $13.41, at last check, and touched a four-year low of $12.40 on April 23, after Fresenius abandoned its Akorn bid.