Stocks Head Lower on GOOGL Revenue Miss
Fellow FAANG stock AAPL is sinking ahead of earnings
The Dow Jones Industrial Average (DJI) is down roughly 50 points, erasing early gains stemming from well-received blue-chip earnings. Apple (AAPL) is the leading laggard on the Dow, dropping ahead of earnings tonight, as fellow FAANG stock Alphabet (GOOGL) sinks on weaker-than-expected first-quarter revenue. The tech-rich Nasdaq Composite (IXIC) is dropping in response, pulling back from recent record highs.
Elsewhere, traders are keeping an eye on U.S.-China trade talks, after Mick Mulvaney, the current White House chief of staff, said a trade deal could be inked in the next couple of weeks. Investors are also anticipating the Fed's two-day policy meeting, which kicks off today, though the central bank is expected to stand pat on interest rates.
Continue reading for more on today's market, including:
The biotech stock that could double after earnings, according to one analyst. This Chinese stock just scored a pre-earnings bull note. Plus, Weight Watchers gets an upgrade; the best Nasdaq stock today; and DBD stock eyes worst day in nine months.
Weight Watchers International, Inc. (NASDAQ:WW) is seeing unusual options volume today, with nearly 6,700 calls across the tape so far -- roughly three times the average intraday volume. The weekly 5/3 21-strike call, which encompasses the diet concern's first-quarter earnings on May 2, is by far the most popular, with positions being bought to open. WW is up 5.4% at $19.47 today, after J.P. Morgan lifted its price target to $14 from $12.
Semiconductor concern Impinj Inc. (NASDAQ:PI) is at the top of the Nasdaq today, after posting first-quarter earnings and revenue that came in above analysts' expectations. The earnings beat had analysts rushing to lift their price targets, with hikes from Piper Jaffray, Canaccord Genuity, and RBC. The equity is up 26.4% at $27.43, and just hit a new annual high of $28.52 earlier today. The stock has seen an impressive rally of late, ending higher in 14 of the last 15 sessions.
Software name Diebold Nixdorf Inc (NYSE:DBD) is toward the bottom of the New York Stock Exchange today, after reporting a steeper-than-expected quarterly loss. The shares are eyeing their worst day in nine months, down 18.4% at $10.14, at last glance. Today, the stock is set to close below its 20-day moving average -- a former area of support for DBD -- for the first time since early January.
