Dow Slides Lower as Chip Stocks Struggle
Apple's revenue warning is slamming the semiconductor space
The Dow Jones Industrial Average (DJI) is extending this morning's losses, and is now eyeing its third straight skid as Apple's (AAPL) coronavirus-related quarterly revenue warning continues to spook Wall Street. The tech-rich Nasdaq Composite Index (IXIC) is taking a hit, with the semiconductor sector badly shaken by Apple's announcement, and the S&P 500 Index (SPX) also trading firmly in the red. Meanwhile, oil isstruggling, too, with no signs of Organization of the Petroleum Exporting Countries (OPEC) making additional production cuts, even as coronavirus anxieties weaken demand. March-delivered crude is down 1% at $51.48 per barrel at last check.
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Bearish activity is picking up around Elanco Animal Health Inc (NYSE:ELAN) ahead of its four-quarter earnings report, due out before the open tomorrow. So far, 5,088 puts have exchanged hands, 11 times what's typically seen at this point, and nearly three times the number of calls traded. The February 31 put is seeing quite a bit of action, with positions being opened here, followed by the 31 call from the same series. The stock was last seen down 1% at $30.67.
Bellerophon Therapeutics Inc (NASDAQ:BLPH) is one of the best performers on the Nasdaq today, more than doubling on positive data for its blood pressure device INOpulse, which reduced resistance in arteries that supply blood to lungs by 21%. The stock just toppled its year-to-date breakeven mark, as well as recent pressure at the 80-day moving average. The 200-day trendline, however, is still serving as pressure on the charts. At last check, BLPH is up 115% to trade at $7.37.
A probe into engineering concern Fluor Corporation (NYSE:FLR) by the Securities and Exchange Commission (SEC) has the stock near the bottom of the New York Stock Exchange today, off 25.3% to trade at $14.58, at last check. Specifically, the investigation will look into potential violations of federal securities laws by the company's officers and directors. The news has FLR eyeing its lowest close since 2004.