U.S. Markets Unsteady at Midday
Traders are digesting weak housing data
U.S. stocks are mixed at midday, with the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) all lingering around breakeven. Concerns about a delayed U.S.-China trade deal are keeping some investors on the sidelines, with Wall Street also digesting a steeper-than-expected drop in new home sales in January. Meanwhile, Boeing (BA) stock is back in the red, with members of Congress stating the 737 MAX 8 will remain grounded for "weeks." Focus also remains on the U.K., with lawmakers expected to vote on whether to delay the Brexit.
Continue reading for more on today's market, including:
Johnson & Johnson reacts to a costly asbestos verdict. 3 tech giants showered in "buy" ratings. Plus, call traders flock to a pharma giant; and today's best and worst performers on the NYSE.
Pharmaceutical giant Mylan NV (NASDAQ:MYL) is sporting unusual call volume today, with 25,000 contracts traded so far -- nine times the expected rate. Most active have been the March 27.50 and 28 calls, where nearly 13,000 contracts have changed hands. MYL is up 2.5% at $28.16 at last check, though the catalyst is unknown. Mylan shares gapped lower in late February after an earnings miss, but is testing support around its year-to-date breakeven.
Wageworks Inc (NYSE:WAGE) is easily the top performing stock on the New York Stock Exchange (NYSE) today, after announcing it will file its previously delayed quarterly results with the Securities Exchange Commission (SEC) before next Tuesday, March 19. WAGE has gapped 32.9% higher to trade at $40.03, at last check, on pace for its highest close since early November, and just shy of its 200-day moving average.
Smart & Final Stores Inc (NYSE:SFS) has plummeted to the bottom of the NYSE, last seen down 15.7% at $5.72, as analysts react to an earnings miss. Loop Capital cut its 2019 estimates for the company, while J.P. Morgan Securities cut its price target to $5.50 from $6.50. The shares are pacing for their worst session in almost a year.