The DJIA is on pace for an eighth straight win
The Dow Jones Industrial Average (DJIA) is on pace for an eighth straight gain, thanks to a largely upbeat round of corporate earnings. Wal-Mart Stores Inc (NYSE:WMT) is the leading gainer on the blue-chip index thus far, with the shares adding 3.9% following the company's quarterly report, while fellow Dow stock Home Depot Inc (NYSE:HD) is also higher post-earnings. Also boosting stocks this morning is a rise in oil prices. March-dated crude futures were last seen 1.8% higher at $54.36 per barrel -- on track for the highest close in more than six weeks -- on positive data regarding compliance with output-cut agreements among Organization of the Petroleum Exporting Countries (OPEC) members. The Dow earlier tapped another record high, as did the S&P 500 Index (SPX) and Nasdaq Composite (COMP).
Continue reading for more on today's market -- and don't miss:
- 3 stocks that could shock short sellers after earnings this week.
- The drug stock up 50% on a licensing agreement with Valeant Pharmaceuticals Intl Inc (NYSE:VRX).
- Plus, Community Health Systems soars, Lumber Liquidator takes out a trendline, and the mining stock slumping on a labor disruption.
Among the stocks with unusual options volume at midday is hospital operator Community Health Systems (NYSE:CYH), which is soaring 34% to $9.25 following upbeat earnings and guidance, met with bullish attention from analysts. The stock's usually quiet options pits are buzzing, with CYH options changing hands at 10 times the expected intraday pace. The September 8 put is most active, with a block of more than 3,000 contracts seemingly bought to open.
Hardwood floor specialist Lumber Liquidators Holdings Inc (NYSE:LL) is among the top performers on the New York Stock Exchange today, up 20% at $18.43 following a well-received earnings report. The shares are now up 61.7% year-over-year, following a bounce off support at the 320-day moving average, and they're poised to topple their 50-day moving average for the first time in 2017.
A major labor disruption at its Indonesian Grasberg mine and a bearish brokerage note have Freeport-McMoRan Inc (NYSE:FCX) 4.6% lower at $14.23, making it one of the worst performers on the Big Board. Despite FCX's gain of 79% over the past 12 months, the analyst community remains remarkably pessimistic toward the stock.
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