Selling Continues as Dow Dives 400 Points
The tech sector is getting crushed
The market sell-off is continuing at midday, with the Dow Jones Industrial Average (DJI) holding near session lows. A looming Friday deadline for more tariffs on Chinese goods has traders in sell mode, while the Cboe Volatility Index (VIX) spikes to levels not seen since early January. Tech shares in particular are seeing substantial losses, sending the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) spiraling lower with the Dow, as U.S. stocks pace toward their worst week of 2019.
Continue reading for more on today's market, including:
Why the losses are piling up for Intel stock. The stock that's been cut in half after earnings. Plus, a huge 3-way trade on GPRO; Roku explodes; and one penny stock turns lower.
One name seeing unusual options trading today is GoPro Inc (NASDAQ:GPRO) ahead of the camera company's earnings release tonight. There were already high volatility expectations priced in ahead of the event, and a huge trade crossed today where a speculator seemingly sold 9,000 weekly 5/10 5-strike puts to fund the purchase of 9,000 weekly 5/10 6.50- and 7.50-strike call spreads. Such a wager would be hoping for GPRO shares, last seen at $6.20, to rise above $7.50 by week's end.
One of the best stocks on the Street today is Roku Inc (NASDAQ:ROKU), rallying 21.7% to $78.99, and hitting a record high of $80.45. The streaming company's first-quarter results came in above expectations, and it raised its full-year outlook as a result. Even more bullish attention on ROKU has come through, including a price-target hike to $92 at D.A. Davidson.
Workhorse Group Inc (NASDAQ:WKHS), the penny stock that took Wall Street by storm yesterday, is giving back some of those monstrous gains. WKHS shares have dipped 13.6% to trade at $2.29, after initially surging out of the gate to trade at an annual high of $3.27.
