Stocks Turn Lower on Coronavirus Update
The Dow has erased this morning's gains
With two cases of the coronavirus in the U.S. now confirmed by the Centers for Disease Control (CDC), stocks are trading back below breakeven at midday. The Dow Jones Industrial Average (DJI) has given up its morning gains and is now sporting modest losses, brushing off earnings wins from both tech name Intel (INTC) and credit card concern American Express (AXP). The S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) are both lower as well, with travel stocks selling off sharply.
Continue reading for more on today's market, including:
Carnival Corp (NYSE:CCL) is seeing an unusual amount of bearish options activity today as the travel sector continues to sell off amid coronavirus fears. So far, 5,643 puts have crossed the tape -- three times what's typically seen at this point. The February 45 put is buy far the most popular, with positions being purchased here. At last check, CCL is down 2.7% to trade at $48.14, pacing for its first close south of the 40-day moving average since early December.
Several new project announcements are helping SAExploration Holdings Inc (NASDAQ:SAEX) take one of the top spots on the Nasdaq today. The stock is up 39.8% to trade at $3.17 after the crude oil concern detailed two new projects valued at about $42 million in offshore West Africa. Earlier today, SAEX hit a one-month high of $3.34. While the equity does seem to have found its footing atop its 100-day moving average, it still has a roughly 17% 12-month loss.
One of the worst stocks on the New York Stock Exchange today is mining concern Harsco Corp (NYSE:HSC), which has shed 17% so far today, to trade at $16.15 after slashing its adjusted fourth-quarter operating income outlook. The firm expressed disappointment in its quarterly performance, specifically its rail and steel units. The dip has HSC trading at a two-year low.