Apple Pullback Puts Dow on Pace For 3rd Straight Loss
Falling oil prices could also be creating headwinds
The Dow Jones Industrial Average (DJI) is set for a third straight loss, as Apple (AAPL) stock continues to pull back. Sliding oil prices could also be adding to the bearish backdrop, after President Donald Trump tweeted about the Organization of the Petroleum Exporting Countries (OPEC) this morning. May-dated crude futures were last seen down 48 cents, or 0.7%, at $67.89 per barrel. But even as the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) follow the Dow lower, all three indexes remain on pace for comfortable weekly wins.
Continue reading for more on today's market, including:
Twitter grabs another pre-earnings upgrade. Why call buyers are watching Amazon closely. Plus, options bulls jump on chip stock MRVL; telecom stock soars; and Mattel shares hit new lows.
One name seeing unusual options activityis Marvell Technology Group Ltd. (NASDAQ:MRVL), with call volume already more than doubling the daily average. In fact, calls are outpacing puts by a 7-to-1 ratio. The weekly 4/27 22-strike call is most popular, followed by the May 21 call. Those buying to open the options are expecting an upside move from MRVL stock in the weeks ahead. The shares have pulled back from recent highs amid the semiconductor swoon, but bounced again near the $20 level -- home to the November bull gap and 200-day moving average.
One of the best Nasdaq stocks today is Sweden-based telecom technology providerEricsson (NASDAQ:ERIC). The shares are trading up 16.7% at $7.75, earlier hitting an annual high of $7.93, thanks to better-than-expected earnings. ERIC stock has now rallied 40.4% since its September lows.
Mattel, Inc. (NASDAQ:MAT), meanwhile, is underperforming on the Nasdaq, coming in as one of the worst S&P 500 Index stocks today. News that the toymaker's CEO has resigned has sent MAT shares down 5.1% to $12.76, after earlier hitting a nine-year low of $12.21. The stock is again limping into earnings, with the company's quarterly report scheduled for next Thursday, April 26.