Schaeffer's 43rd Anniversary Stock Picks in 2024

Dow Jones Industrial Average Pops as Oil Rally Lifts Stocks

2 Stocks Moving Ahead of Monster FDA Decisions

Apr 6, 2016 at 12:19 PM
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The Dow Jones Industrial Average (DJIA) is eyeing its first win of the week, as U.S. stocks track rising oil prices. Specifically, May-dated crude futures have extended their lead to 4.7% to sit at $37.54 per barrel, thanks to an unexpected decrease in domestic inventories last week. In addition, Pfizer Inc. (NYSE:PFE) is bolstering the Dow, up 3.6% after abandoning its bid for Allergan plc Ordinary Shares (NYSE:AGN). The S&P 500 Index (SPX) and Nasdaq Composite (COMP) have also followed the Dow higher, though traders still have the Federal Open Market Committee's (FOMC) meeting minutes to consider this afternoon. 

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Among the stocks with unusual call volume is tech stock Rackspace Hosting, Inc. (NYSE:RAX), which is 5.8% higher today at $23.46. The contracts are crossing at a remarkable 34 times the average midday pace, with the May 25 call leading the way. Data confirms buy-to-open activity here, meaning traders are betting on RAX toppling $25 before the options expire at the close on Friday, May 20. The stock has been surging recently in light of M&A buzz

Social networking stock Momo Inc (ADR) (NASDAQ:MOMO) is one of the top performers on the Nasdaq today, thanks to info from a new Securities and Exchange (SEC) filing. The stock has now added 31.2% to rest at $15.80, but today's rally appears to be stalling just shy of MOMO's year-to-date breakeven mark near $16. 


One of the Nasdaq's worst performers today is lighting specialist Cree, Inc. (NASDAQ:CREE). The stock was last seen 14.8% lower at $24.74, as a disappointing preliminary quarterly outlook weighs on the shares. CREE is now down 29.4% in the past 12 months. 

CBOE Volatility Index (VIX) is down 0.8 point, or 5%. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.57, as puts outnumber calls. The SPY is up 1.3 points, or 0.6%, at $205.50.

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