Dow, S&P, Nasdaq Retreat from Record Highs
The Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) are all trading lower on this Black Monday anniversary, dragged into the red by tech stocks. Most notably, Apple (AAPL) stock is weighing on the Dow, as concerns about the iPhone 8 and Apple Watch overshadow an earnings beat from Verizon (VZ). U.S. stocks are also taking cues from across the pond, as political unrest in Spain weighed on overseas indexes.
Continue reading for more on today's market, including:
The most dangerous trade right now.The Dow stock downgraded amid China concerns.Plus, Valeant's unusual options volume; Danaher stock soars; and Heritage-Crystal takes an earnings hit.
Among the stocks with unusual options volume is pharmaceutical concern Valeant Pharmaceuticals International, Inc. (NYSE:VRX), with more than 110,000 puts traded -- 13 times the average intraday norm, and pacing for the highest percentile of its annual range. The November 11 and 14 puts are most popular, with Trade-Alert attributing the volume to the closeout of a massive put spread. At last check, VRX stock was down 2.2% at $12.12 -- set for its lowest close since June, and a seventh straight down day.
One of the biggest gainers on the New York Stock Exchange (NYSE) is medical technology provider Danaher Corporation (NYSE:DHR). The shares of DHR are soaring after the company reported better-than-expected third-quarter earnings and lifted its full-year guidance. Shares of DHR were last seen up5.9% at $91.09, and earlier touched a fresh intraday record high of $91.63.
One of the worst stocks on the Nasdaq today is oil refiner Heritage-Crystal Clean, Inc. (NASDAQ:HCCI), with the shares gapping 12% lower to trade at $19.10,after the firm missed third-quarter earnings expectations. HCCI stock has now fallen 14% since last week's five-year high of $22.21.
