Stocks Suffer on Big Bank Earnings
Earnings disappointments from Goldman Sachs and Citigroup continue to weigh on indexes
This morning's disappointing earnings report from Goldman Sachs (GS) continues to weigh on the Dow Jones Industrial Average (DJI), while a negative earnings reaction for fellow bank stock Citigroup (C) is dragging the S&P 500 Index (SPX) into the red. Elsewhere, traders are still digesting Treasury Secretary Steven Mnuchin's comments that the U.S. is prepared to take "repercussions" if it does not comply with Chinese trade demands once a concrete deal is reached, but he is hopeful that the countries are "getting very close to the final round" of talks.
Continue reading for more on today's market, including:
Bio-Path stock is skyrocketing on an SEC updateThe FAANG rumors sinking this streaming stock. Plus, options traders hop on URBN stock; Fibrocell Stock soars; and the weed stock down after earnings.
Urban Outfitters Inc (NASDAQ:URBN) is seeing unusual options volume today, with roughly 15,000 calls across the tape so far -- nearly 14 times the average intraday volume. The May 34 call is by far the most popular, with Trade-Alert pointing to sell-to-open activity. If so, the trader expects URBN to remain south of $34 through May options expiration. At last check, URBN shares were up 1% at $31.88.
One of the top performers on the Nasdaq is Fibrocell Science Inc (NASDAQ:FCSC), after the gene therapy concern announced plans to commercialize its skin disease treatment. The stock is up 61.8% at $2.89, in response -- set to break a four-day losing streak. FCSC is pacing for its best day since 2012, as well as its highest close in over nine months.
Canadian cannabis concern Aphria Inc (NYSE:APHA) is one of the worst stocks on the New York Stock Exchange, after the company posted disappointing fiscal third-quarter earnings and revenue. Today, the equity is on pace to finish well below its 50-day moving average, as well as recent support in the $9 region. The equity is down 12.5% at $8.84, at last glance.
