Tech Earnings Keep Nasdaq Afloat; Dow Jones Industrial Average Drops

2 Apple Suppliers Making Huge Moves

by Karee Venema

Published on Jul 23, 2015 at 11:51 AM

Earnings season continues to drive this week's price action, and today, well-received earnings from a number of tech names are helping to keep the Nasdaq Composite (COMP) afloat. The same can't be said for the Dow Jones Industrial Average (DJIA), though, which is widening its weekly deficit following another round of poorly received blue-chip results. Meanwhile, traders are also digesting a sharp drop in weekly jobless claims ahead of next Wednesday's Federal Open Market Committee (FOMC) policy statement, and speculating on next week's slate of earnings -- which includes this notable social network name.

 

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

 

 

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Among the stocks with notable call volume is Under Armour Inc (NYSE:UA), with the contracts crossing at eight times the average intraday pace. The stock is up 8.8% at $97.23 -- and fresh off a record high of $97.69 -- after the athletic apparel issue's strong second-quarter earnings was met with a price-target hike to $90 from $76 at J.P. Morgan Securities. Short-term speculators are betting on the century mark to serve as a ceiling through week's end, with sell-to-open activity detected at UA's weekly 7/24 100-strike call.

 

Storage device specialist SanDisk Corporation (NASDAQ:SNDK) is one of the biggest advancers on the Nasdaq. The stock has surged 17.7% to $63.75, thanks to a strong earnings report and subsequent round of bullish brokerage notes. However, SNDK's longer-term technical struggles have been severe, and even with this bull gap, the shares are still staring at a 35% year-to-date deficit.

 

One of the top gainers on the Big Board is Flotek Industries Inc (NYSE:FTK) -- up 39.5% at $17.81, after the oil-and-gas issue posted a surprise second-quarter profit and received a price-target hike to $23 from $17 at Stephens. Despite today's post-earnings pop, the security is running out of steam near its year-to-date breakeven mark -- a level that rejected FTK in mid-April.

 

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The CBOE Volatility Index (VIX) is up 0.2 point, or 1.4%, at 12.29.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 0.85, with calls having the edge over puts. SPY is down 0.4 point, or 0.2%, at $210.96.


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