Stocks Erase Early Losses; All Eyes on Tech, DC – Schaeffers Research

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U.S. stocks are trading higher this afternoon, with the Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) erasing early losses, and the Nasdaq Composite (IXIC) outperforming, thanks to rising tech stocks. Along with bitcoin’s surge to record highs, traders are keeping an eye on Washington, D.C., with President Trump expected to meet with congressional leaders from both parties to prevent a possible government shutdown on Saturday, and Democratic Senator Al Franken announcing his resignation moments ago. Meanwhile, the House and Senate agreed to hash out their differences regarding a GOP tax reform bill, with a final version expected by Dec. 22.

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

  • Analysts: Beware of these 3 travel stocks.
  • The biotech stock blasting off on a drug breakthrough.
  • Plus, LendingClub’s unusual put volume; the solar stock at the top of NYSE; and the tech stock at eight-year lows.

Midday Market Stats Dec 7

Among the stocks with unusual put options volume is LendingClub Corp (NYSE:LC), with roughly 6,900 put options traded — eight times the average intraday norm, and on pace for the highest percentile of its annual range. The January 2018 5 and 5.50 puts are among the most popular, with more than 5,200 total contracts exchanged. At last check, LC stock was down 14% at $3.66, and just off a fresh record low of $3.29, after issuing another bleak earnings forecast.

One of the top performers on the New York Stock Exchange is JinkoSolar Holding Co., Ltd. (NYSE:JKS), erasing early losses, after the company reported a third-quarter earnings beat. JinkoSolar stock was last seen 4% higher at $24.74, bouncing off the recent support of its 180-day moving average. 

Daily Chart of JKS with 180MA

Meanwhile, one of the worst Nasdaq stocks is tech stock Synchronoss Technologies, Inc. (NASDAQ:SNCR), after the IT services concern received a price-target cut from Deutsche Bank to $8 from $18 earlier. At last check, SNCR was down 10% at $8.74, earlier touching an eight-year low of $8.48.

JPMorgan Chase & Co

JPMorgan Chase & Co

JPMorgan Chase & Co

JPMorgan Chase & Co

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