Stocks quoted in this article:
Although there were no means of stimulus offered by the Federal Reserve or European Central Bank on Wednesday and Thursday, the bulls have rallied on the Street today, as a well-received nonfarm payrolls report has sparked a huge upswing. Consequently, the number of stocks at new annual highs is far outshining the number of stocks at new lows. The NYSE has seen 175 securities at new peaks, while the Nasdaq tallies 57 annual highs. Among the outperforming equities are CBS Corporation (NYSE:CBS - 35.00), Expedia Inc (NASDAQ:EXPE - 57.78), and Time Warner Inc. (NYSE:TWX - 41.12).
- CBS jumped to a five-year high of $35.18 right out of the gate, after the company reported stronger-than-forecast second-quarter earnings. Should the stock continue to ride this wave higher, options traders may think twice about their current positions. During the past two weeks, speculators on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) have bought to open 6.75 puts for every call. This ratio is in the 87th percentile of its annual range, signaling that traders on these exchanges have seldom made bearish bets over bullish at a faster pace during the past year. Plus, CBS' Schaeffer's put/call open interest ratio (SOIR) of 1.97 sits at an annual high, suggesting that near-term options players have never been more put-heavy toward the equity during the past year.
- After last week's record-breaking performance, EXPE reached yet another all-time peak, touching the $58.80 mark this morning. This rally has amplified the shares' more than 101% year-to-date. But this strong price action has not been fully recognized by the brokerage bunch. Of the 17 analysts following the Internet issue, only six consider it a "buy" or better. Moreover, the average 12-month price target is $52.71, which is about a $6 discount to today new peak.
- TWX surged to the $41.22 mark today, and attained its loftiest perch since July 2007. Over the past three months, the stock has outpaced the broader S&P 500 Index (SPX) by 13%, and has turned in a 13.6% rise in 2012. Most analysts are already in the bullish corner, as there are 13 "strong buys," three "buys," and nine tepid "holds."
Keep reading for today's coverage of new lows.