SPX, COMP Hit New Highs; Dow Jones Industrial Average Climbs

The Biotech Down 80%; Plus, SPX, COMP Hit Highs

Apr 27, 2015 at 11:49 AM
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Ahead of Apple Inc.'s (NASDAQ:AAPL) big event this evening, the Dow Jones Industrial Average (DJIA) is sitting on modest gains. Also higher are the Nasdaq Composite (COMP) and S&P 500 Index (SPX), with the former hitting a fresh 15-year peak, and the latter touching a new all-time high. While the lone report on the economic calendar, the Dallas Fed manufacturing index, missed expectations, traders' hopes remain high going into a busy week.

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

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Among the stocks with notable option activity is Sprint Corp (NYSE:S), with both calls and puts crossing at a much faster-than-usual pace. The most popular option is the May 5.50 call, thanks to an 8,119-contract sweep initiated by one trader. It appears the contracts were bought to open, meaning the speculator anticipates shares of the telecom firm will topple $5.50 -- for the first time since early November -- before the options expire at the close on Friday, May 15.

Tesla Motors Inc (NASDAQ:TSLA) is nearly the top gainer on the Nasdaq today, tacking on 6.2% to trade at $231.94. This is the first time shares of the automaker have touched $230 since early December, and they are also on pace to close above their 50-week moving average for the first time in 2015.

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Akorn, Inc. (NASDAQ:AKRX) is one of the biggest decliners on the Nasdaq today. The pharmaceutical stock has given back roughly one-fifth of its value to trade at $43.85, after the company announced it will be restating financial reports from three previous quarters (as well as its 2014 year-end statement) due to inaccurate revenue figures. On top of that, J.P. Morgan Securities cut it price target to $58 from $61, while Piper Jaffray downgraded the stock to "neutral" and lowered its price target to $53 from $66, citing "credibility questions."

The CBOE Volatility Index (VIX) is up 0.1 point, or 0.9%, at 12.40.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.12, with puts outstripping calls. SPY was last seen up 0.6 point, or 0.3%, at $212.21.

 

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