Dow Jones Industrial Average on Track for Fifth Straight Record Close

Hedge Funds Eye FANG; Plus, A Case for Higher Apple Highs

Feb 15, 2017 at 12:08 PM
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The Dow Jones Industrial Average (DJIA) is keeping its rally alive today, adding as much as 100 points and tapping a record intraday peak for the fifth day in a row. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) are following suit, tagging all-time highs of their own this morning, marking their longest string of record highs since 2014 and 1999, respectively. Boosting the market are hefty gains in banking shares, as traders parse the latest comments from Federal Reserve Chair Janet Yellen, who is wrapping up a two-day testimony before Congress. A round of upbeat economic data is also giving stocks a lift, as is President Donald Trump's promise that a "massive" tax plan will be unveiled in the "not-too-distant future." Investors will keep their eyes on the central bank, as Boston Fed President Eric Rosengren, Philadelphia Fed President Patrick Harker, and New York Fed President William Dudley are all scheduled to speak before the day is out.

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

  • Making a case for higher Apple Inc. (NASDAQ:AAPL) highs.
  • How hedge funds are betting on so-called FANG stocks.
  • Plus, options traders target Solaredge after earnings, Groupon takes out a key trendline, and Fossil pans seven-year lows.

Midday Market Stats February 15

Alternative energy interest Solaredge Technologies Inc (NASDAQ:SEDG) is among the stocks with unusual options volume at midday. The shares are up 5.5% at $15.25 following a well-received earnings report and bullish analyst attention. SEDG calls are changing hands at roughly 12 times the typical intraday rate, with nearly 1,800 contracts on the tape, taking a slight edge over puts. So far the most active contract is the March 15 call, where it appears speculators are liquidating newly in-the-money positions.

Among the top performers on the Nasdaq at midday is online deal specialist Groupon Inc (NASDAQ:GRPN), up 21.8% at $4.61 on upbeat earnings, as well as a passive stake disclosed by Alibaba Group Holding Ltd (NYSE:BABA). The shares are now up 38.8% year-to-date, and are trading above the 200-day moving average for the first time since October.

GRPN Daily Chart February 15

Retailer Fossil Group Inc (NASDAQ:FOSL) is among the Nasdaq's worst performers, meanwhile, after the company missed estimates for quarterly earnings and received negative analyst attention. FOSL shares are off 17.7% at $18.82, after earlier touching a seven-year low of $18.10.

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