Dow Jones Industrial Average Bounces Back; Nasdaq Hits New High

3 Drug Stocks Exploding Today

by Josh Selway |

Published on Mar 20, 2017 at 12:13 PM
Updated on Mar 21, 2017 at 3:29 PM

The Dow Jones Industrial Average (DJIA) is pushing higher at midday, as traders weigh the latest comments from the Fed. For example, Minnesota Fed President Neel Kashkari -- who dissented from last week's Fed decision -- said he needs to see inflation rise more before voting to raise rates. Meanwhile, ahead of an afternoon speech, Chicago Fed President Charles Evans this morning said that while the central bank is on track for two more rate hikes this year, three additional hikes is a possibility if inflation overshoots the Fed's 2% target. Still, the Nasdaq Composite (COMP) earlier touched a new all-time high thanks to a broad rally in tech stocks, including a fresh record peak from Dow component Apple Inc. (NASDAQ:AAPL). Traders are also keeping an eye on Washington, D.C., where FBI Director James Comey this morning confirmed the agency is investigating any ties between Russia and Donald Trump's presidential campaign. 

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

  • 3 drug stocks exploding today. 
  • Why these airline stocks are falling out of favor with analysts.
  • Plus, puts pop on a struggling farming stock; Alibaba stays hot; and the electric car stock sliding on the charts. 

stock market news today

Among the names seeing accelerated options trading today is farming equipment maker Tractor Supply Company (NASDAQ:TSCO). Puts are outpacing calls 2,339 to 392, trading at nine times the normal pace for this point in the day. Much of the action has taken place at the April 75 put, where it appears buy-to-open action is taking place. As such TSCO options traders are betting on the stock to move even lower in the weeks ahead. The shares are down 21% year-over-year at $70.86, with most of the damage coming from a huge September bear gap. Now, TSCO stock is seeing pressure from its descending 50-day moving average. 

Alibaba Group Holding Ltd (NYSE:BABA) is staying hot on the Big Board, with the shares adding another 2.3% today to trade at $108.07. Moneygram International Inc's (NASDAQ:MGI) board of directors said they continue to support a merger with Alibaba affiliate Ant Financial, despite flirting with fellow suitor Euronet Worldwide, Inc. (NASDAQ:EEFT). BABA stock is up 23% year-to-date, and is now within 2 points of its 52-week high of $109.87 from September. 

Electric car stock Kandi Technologies Group Inc (NASDAQ:KNDI) is again struggling on the Nasdaq, as the shares continue to fall after the company last week said it would need to restate prior financial statements. KNDI stock was last seen 6.5% lower at $3.60, bringing its 12-month decline to 55%.  

kndi stock news

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