Dow Jones Industrial Average Turns Lower After Fresh High

3 Drug Stocks On a Wild Ride

Feb 27, 2017 at 12:00 PM

The Dow Jones Industrial Average (DJIA) briefly clawed its way into positive territory, tapping a fresh intraday record high, but has since slid back into the red. The large-cap index is in jeopardy of snapping its recent string of record closing highs, as a 12th straight win would match the longest streak in history. President Donald Trump is in the spotlight ahead of tomorrow's speech before a joint session of Congress, where traders are hoping more details of his highly anticipated tax reform plans will be revealed. The president also noted in a meeting with governors today his desire to "make the government lean and accountable," and promised a "big" statement on infrastructure. A mixed round of economic data, including a drop in pending homes sales, is having a relatively muted effect on stocks, but investors will be looking forward to tomorrow's release of preliminary gross domestic product (GDP) data.

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

Ahead of earnings, these analysts are calling for multi-year lows for Valeant Pharmaceuticals Intl Inc (NYSE:VRX).
3 drug stocks on a wild ride today -- including one biotech up 75%.
Plus, Tesla's weekly options catch fire, Gogo takes off, and a biotech stock sliding despite upbeat results.

Midday Market Stats February 27

Tesla Inc (NASDA:QTSLA) is among the stocks with unusual options volume at midday. The shares are down 4.3% to $246.02 following a downgrade at Goldman Sachs, but TSLA is sitting comfortably above the $240 level -- home to its mid-January highs. The stock's calls and puts are both trading at double the expected intraday pace, with options volume running in the 99th percentile of its annual intraday range. The weekly 3/3 series is particularly popular, accounting for nine of the 10 most active strikes, led by the 240-strike put. It appears a mix of buy- and sell-to-open action is taking placing here, with traders betting on which side of this key level the shares will land on by Friday's close.

Among the top gainers on the Nasdaq at midday is in-flight wireless provider Gogo Inc (NASDAQ:GOGO). The shares have added 19% to trade at $10.80, as investors applaud the firm's quarterly earnings and stronger-than-expected 2017 sales guidance. GOGO is now on pace to topple its 200-day moving average for the first time since late September.

GOGO stock chart Feb 27

Biotech concern BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) is among the worst performers on the Nasdaq, off 7.3% at $5.09 despite an earnings beat. The losses come after the company released an interim update on a trial of its hereditary angioedema treatment, which failed to impress investors, despite BCRX calling the results "extraordinarily encouraging."

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