The Dow Jones Industrial Average (DJI) is lower today, but has pared sharper losses from this morning. Boeing (BA) was charged with most of the early morning damage, after a New York Times article over the weekend pointed to “shoddy production” at a factory that makes the 787 Dreamliner. Elsewhere, oil prices — and Dow stocks Exxon Mobil (XOM) and Chevron (CVX) — continue to rise amid news that the U.S. will halt sanction waivers on Iran oil imports. At last check, May-dated crude futures were up 2.5% at $65.59 per barrel, and heading for their highest close since late October. At last check, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are trading right around breakeven, as investors gear up for a busy week of quarterly earnings reports.
Continue reading for more on today’s market, including:
- Grab this stock before earnings, according to one analyst.
- A C-suite shakeup has been unable to lift Bed Bath & Beyond shares.
- Plus, Kohl’s options bears emerge; Morgan Stanley takes a stake in tobacco; and Rite Aid extends its slide.
Kohl’s Corporation (NYSE:KSS) is seeing unusual options volume today, with nearly 6,600 puts exchanging hands so far — six times the average intraday volume and nearly double the number of calls traded. The weekly 4/26 70.50-strike and 5/10 67.50-strike puts are the most popular, with new positions being opened. At last check, KSS was down 2.9% to trade at $68.31, so options traders are banking on a rough few weeks for the retail stock, which last month flashed a bearish signal.
Near the top of the New York Stock Exchange (NYSE) sits Pyxus International Inc. (NYSE:PYX), up 15.4% to trade at $20.02, after an SEC filing last week revealed Morgan Stanley has taken a 5.1% passive stake in the company. The tobacco stock climbed in March after expanding to CBD products, but was rejected by the $33 level. Year-to-date, PYX has added 68%.
On the other end of the spectrum is Rite Aid Corporation (NYSE:RAD), down 4.7% to trade at $9.28, after Guggenheim last week assumed coverage with a “sell” rating and minuscule price target of $0.35. The pharmacy stock has carved out a channel of lower lows and highs since July, culminating in a 10-year low of $8.80 on April 17. Despite a mini-rally last month amid corporate restructuring, the shares have seen 2019 breakouts contained by their 60-day moving average.
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