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The Nasdaq Composite's (COMP) 1.6% pop is outpacing its peers
The Dow Jones Industrial Average (INDEXDJX:DJI) has easily erased all of yesterday's losses -- and moved back into the black on a year-to-date basis -- as a strong start to earnings season overshadows crude oil's extended slide into multi-year-low territory. At last check, the DJI was up 226 points, or 1.3%, while the broader S&P 500 Index (SPX) has rallied 1.1%. However, it's the tech-heavy Nasdaq Composite (COMP) that's boasting the day's biggest percentage gain -- up 1.6%, thanks to analyst-induced pops for two of its biggest components.
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Among the stocks with notable call volume is RadioShack Corporation (NYSE:RSH), which is up 23.9% at $0.48 on news the electronics retailer has been offered a $500 million lifeline. Calls are trading at six times the average intraday rate, and are outpacing puts by a nearly 4-to-1 margin. Most active is RSH's January 2016 0.50-strike call, and according to data from the International Securities Exchange (ISE), there appears to be a mix of buying and selling to open happening here.
For more midday statistics and stocks on the move, head to page 2.
It's been a big week on the biopharmaceutical front, and today, sector component Pharmacyclics, Inc. (NASDAQ:PCYC) is in the spotlight. The stock has soared 20.5% to $149.08 -- making it one of the biggest advancers on the Nasdaq -- after the company said it expects revenue from its cancer drug, Imbruvica, to more than double this year. While the news was met with an upbeat outlook from RBC, short sellers are likely souring over today's surge. At present, a healthy 10.1% of the equity's float is sold short, representing nearly seven sessions' worth of pent-up buying demand, at average daily trading levels.
Over on the Big Board, Tilly's Inc (NYSE:TLYS) is helping to lead the charge higher. At last check, the equity is up 15.6% at $13.49 -- and earlier hit an annual high of $14.03 -- after the retailer's upwardly revised fourth-quarter profit forecast was met with a round of bullish brokerage notes. The most optimistic outlook came from B. Riley, which boosted its price target to $15 from $9.50, and raised its rating to "buy." Should the shares continue to add to their 39% year-to-date advance, another round of upbeat analyst attention could be on the horizon. Currently, six analysts maintain a "hold" suggestion toward the shares, compared to two "strong buys." Plus, the consensus 12-month price target of $9.92 stands at a discount to present trading levels.
The CBOE Volatility Index (VIX) is down 1.1 points, or 5.6%, at 18.50.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.28, with puts outpacing calls. At last check, SPY is up 2.1 points, or 1%, at $204.73.