GE Stock Drags Down Dow Again; Oil Prices Slide – Schaeffers Research

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The Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) have all bounced from their morning lows, but stocks remain well below breakeven. General Electric (GE) stock remains front and center, as the shares sink to fresh five-year lows and overshadow an impressive earnings report from fellow Dow component Home Depot (HD). Also dragging the Dow and SPX lower is a sharp drop in oil prices, after the International Energy Agency (IEA) provided a dim outlook for oil demand for 2017 and 2018. December-dated crude futures were last seen 2.4% lower at $55.41 per barrel. This all has pulled focus from this morning’s inflation data, as well as the panel of central bank leaders in Europe.

Continue reading for more on today’s market, including:

  • 2 Dow stocks analysts love this week.
  • The reason for a rare downgrade on this cruise stock.
  • Plus, calls hot amid iRobot stock pop; Roku’s rising again; and a sinking chipmaker.

midday market stats no 14

Among the stocks with unusual options volume is Roomba maker iRobot Corporation (NASDAQ:IRBT). The stock is seeing heavy volume today, rising 3.4% to trade at $72.51, and call volume is already four times the intraday average. Traders appear to be buying to open positions at several front-month calls, namely the November 71, 72, 72.50, and 75 strikes, indicating expectations for an extended run higher from the stock in the coming weeks.

One of the top stocks on the Nasdaq once again is Roku Inc (NASDAQ:ROKU), with the shares adding another 7.7% to trade at $46 — and earlier touching a record peak of $48.80 — after the company inked a licensing deal with Philips. As of last Wednesday, ROKU stock was trading below $20, but options traders may be expecting even more upside, since calls are crossing at six times the expected intraday pace today.

roku stock

At the other end of the Nasdaq is Everspin Technologies Inc (NASDAQ:MRAM), as shares of the memory chip producer sink after third-quarter revenue missed expectations. Plus, Needham, Stifel, and Craig-Hallum lowered their respective price targets to $17, $15, and $14. All these remain well above the stock’s current perch of $8.67 — down 10% on the day. MRAM stock enjoyed a rapid rise up the charts during the summer months, but has fallen sharply since peaking above $25 in July.

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