Oil Drives Dow Jones Industrial Average to New Highs

The $1 Billion Plan Boosting One Retail Stock

Feb 10, 2017 at 12:06 PM
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The risk-on rally continues following yesterday's tax comments from President Donald Trump, with the Dow Jones Industrial Average (DJIA) fresh off another record intraday high. As Trump meets with Japanese Prime Minister Shinzo Abe in Washington, stocks are climbing amid a round well-received corporate earnings results and a rise in oil prices. At last check, March-dated crude futures were up 2%, at $54.06 per barrel, on track for the highest close in a month. Not to be outdone, the broader S&P 500 Index (500) and tech-heavy Nasdaq Composite (COMP) are also shooting higher, notching new intraday highs of their own.

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

  • The retail stock up 30% on a $1 billion cost-cutting plan.
  • The fuel that could fire Apple Inc. (NASDAQ:AAPL) to record highs.
  • Plus, Pandora puts heat up, a video game maker at all-time highs, and Yelp plummets on guidance.

Midday Market Stats February 10

Pandora Media Inc (NYSE:P) is among the stocks with unusual options volume today. The shares are up 4.2% at $13.15 post-earnings, and amid news Matrix Capital Management has reported a nearly 10% stake in the company. P puts are changing hands at 10 times the usual intraday pace, with almost 26,000 on the tape already -- on track to land in the 100th annual percentile. Most popular so far is the weekly 2/10 12.50-strike put, with data from the International Securities Exchange (ISE) confirming some sell-to-open activity.

Among the top performers on the Nasdaq at midday is video game maker Activision Blizzard, Inc. (NASDAQ:ATVI). The stock has added 17.2% to $46.57, and earlier tapped an all-time high of $47.64, after the company's upbeat earnings, dividend increase, and buyback program were met with bullish brokerage notes.

Online review site Yelp Inc (NYSE:YELP) is among the worst performers on the New York Stock Exchange today, down 12% to $36.52. The company's in-line earnings report was overshadowed by disappointing current-quarter guidance, while the stock received a mixed batch of brokerage notes. After climbing the charts for the past year, YELP is on track to finish today below its 150-day moving average for the first time since early May.

YELP Daily Chart February 10

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