COMP Steals Spotlight from Dow on Tech Earnings

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

Apr 24, 2015 at 11:40 AM
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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.

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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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