COMP Steals Spotlight from Dow Jones Industrial Average on Tech Earnings

COMP Can't Be Stopped; Plus, 3 Surging Tech Stocks

by Alex Eppstein

Published on Apr 24, 2015 at 11:40 AM
Updated on Apr 24, 2015 at 11:56 AM

The Dow Jones Industrial Average (DJIA) has been on both sides of breakeven today -- but is poised to notch a weekly win -- while the tech-heavy Nasdaq Composite (COMP) continues to build on yesterday's historic session. This time around, the COMP is rallying in light of an impressive round of quarterly results from a handful of heavy hitters, and earlier touched a 15-year high of 5,099.12. Elsewhere, durable goods orders increased more than expected in March, and the highly anticipated Apple Watch hit the (cyber) shelves.

Continue reading for more on today's market -- and don't miss:

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Among the stocks with notable call activity is Cliffs Natural Resources Inc (NYSE:CLF), with the contracts flying off the shelves at 12 times the expected intraday rate. The mining stock is up 7.7% to trade at $5.99, amid a pop in Chinese iron prices. Options traders are expecting additional upside from CLF, too, buying to open the out-of-the-money May 8 call.

Networking firm Gigamon Inc (NYSE:GIMO) is the biggest gainer on the Big Board, soaring nearly 21% today to trade at $28.47, and fresh off an annual high of $29.20. The catalyst for the upside move is GMO's first-quarter earnings beat, which was met with positive analyst attention.

Biogen Inc (NASDAQ:BIIB) is one of the biggest decliners on the Nasdaq, dropping 6.6% to trade at $402. Pressuring shares of the biotech concern is a disappointing turn in the earnings confessional. However, BIIB remains more than 18% higher on a year-to-date basis, and appears to have found a foothold at its 80-day moving average.

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The CBOE Volatility Index (VIX) is off 0.2 point, or 1.2%, at 12.33.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.34, with puts outstripping calls. SPY was last seen up 0.3 point, or 0.1%, at $211.45.


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