Nasdaq Sinks as FAANG Stocks Sell Off – Schaeffers Research (press release)

The U.S. stock market is spiraling today, with sharp drops in the tech sector fueling the risk-off session. FAANG stocks are bringing the most heat, with Facebook (FB) pacing for its biggest one-day loss since March 2014 on reports of data harvesting, while Apple (AAPL) is selling off after Nomura Instinet expressed concern over iPhone demand. As such, the Nasdaq Composite (IXIC) has been hit the hardest, though the S&P 500 Index (SPX) and Dow Jones Industrial Average (DJI) are adding to last week’s substantial losses — with the former erasing its year-to-date lead.

  • The drug stock down 20%.
  • Analyst: 2 reasons to buy this healthcare stock.
  • Plus, Zynga options volume explodes; a crumbling gold stock; and a slumping Apple supplier.

Among the list of stocks with unusual options volume today is Zynga Inc (NASDAQ:ZNGA), with more than 40,000 contracts exchanged — 25 times what’s typically seen, and volume pacing in the 100th annual percentile. The bulk of the action has centered at the September 3.50 put and September 4 call, where Trade-Alert points to the initiation of a bullish risk-reversal, also known as a split-strike synthetic long. ZNGA stock is down 0.8% to trade at $3.79.

Hecla Mining Company (NYSE:HL) is near the bottom of the New York Stock Exchange (NYSE) today, after the Canada-based mining firm said it is purchasing Klondex Mines in a cash-and-stock deal valued at $462 million. HL stock was last seen down 10.1% to trade at $3.46, after earlier bottoming at $3.43 — a level that has marked a floor for the shares since last December.

Universal Display Corporation (NASDAQ:OLED) is one of the worst performers on the Nasdaq so far, after Bloomberg reported Apple has been developing MicroLED screens — a thinner screen that uses less power than the current OLED displays the tech titan uses in its devices. OLED stock is down 12% to trade at $109.05.

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