Retail Earnings Drag Stocks Into the Red
The major U.S. benchmarks hit record highs in early action
Stocks hit new record highs out of the gate as traders cheered news of Boeing's (BA) Dubai Air Show 737 Max jet orders and upbeat housing data. However, the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) have since swung into the red on a negative earnings reaction for several retailers -- including Home Depot (HD) -- ahead of the key holiday shopping season, putting the latter at risk of snapping its five-day winning streak.
Continue reading for more on today's market, including:
Why Guggenheim is selling this media stock.What this ETF can tell us about the IPO market, courtesy of founder and CEO Bernie Schaeffer.Plus, Philip Morris bears brace for bigger losses; cancer stock more than doubles on drug data; and Kohl's sinks after earnings.
One name seeing unusual options volume today is Philip Morris International Inc. (NYSE:PM), with nearly 5,000 puts on the tape -- three times what's typically seen at this point. The December 82.50 put is most active, and it looks like new positions are being purchased here for a volume-weighted average price of $1.35, which would make breakeven for the put buyers $81.15 (strike less premium paid). PM stock was last seen down 1.1% at $83.90.
Myovant Sciences Ltd (NYSE:MYOV) is at the top of the New York Stock Exchange (NYSE) today, after the biotech said its advanced prostate cancer drug met its goals in a late-stage study. MYOV stock is up 144.9% at $14.84, set to close above its 200-day moving average for the first time since April.
Kohl's Corporation (NYSE:KSS) is at the bottom of the Big Board, last seen down 18% at $47.90 -- good news for options bears. The department store chain reported adjusted third-quarter earnings and same-store sales that came in below the consensus estimates, and slashed its full-year adjusted profit forecast.