S&P Win Streak in Jeopardy; Dow Drops on Bad News for Boeing
BA was downgraded after slashing 737 production
The Dow Jones Industrial Average (DJI) has continued its journey south this afternoon, down over 120 points, pushed lower by a steep decline from Boeing (BA). In addition, traders are digesting a drop in February factory orders, and are exercising caution ahead of the start of earnings season, with big banksWells Fargo (WFC) and JPMorgan Chase (JPM) set to report this Friday. Against this backdrop, the S&P 500 Index (SPX) is set to snap its longest win streak since 2017.
Continue reading for more on today's market, including:
Analyst: This stock could slide 50%.The pharma stock headed for its fifth consecutive win. Plus, Snap attracts options traders after an upgrade; Biomerica scores a patent win; and the patent specialist that announced a reverse stock split.
Snap Inc. (NYSE:SNAP) is seeing unusual options volume today, with roughly 101,000 calls traded -- two times the average intraday volume. The weekly 4/12 12.50-strike call is the most popular, with a healthy number of contracts being bought to open. The social media concern is up 3.9% at $12.30, thanks toa bull note from RBC -- pacing for its third straight win and a year-to-date closing high.
Biomerica Inc (NASDAQ:BMRA) is at the top of the Nasdaqtoday, on news that the United States Patent and Trademark Office (USPTO) gave a Notice of Allowance to the pharma company's InFoods line of products, used to treat patients with irritable bowel syndrome (IBS). BMRA shares are up 23.1% at $3.09, and are testing their footing atop the 200-day moving average for the first time since late July.
Marathon Patent Group Inc (NASDAQ:MARA) is near the bottom of the Nasdaq today, after the company's four-for-one reverse stock split took effect today. The equity is down 11.5% at $2.29, in response -- dropping back below its 160-day moving average after a brief surge above the trendline last week.