The DJIA and COMP are higher once again, ahead of President Trump's highly anticipated tax plan
The Dow Jones Industrial Average (DJIA) is modestly higher, while the Nasdaq Composite (COMP) broke out to yet another all-time peak earlier, north of the key 6,000 level. Bolstering the Dow are upbeat earnings from United Technologies Corporation (NYSE:UTX) and hopes that the Trump tax plan -- expected to be revealed today -- will lower the corporate tax rate to 15%. Following stocks higher are oil prices, after crude stockpiles fell more than expected last week -- with June-dated crude futures last seen up 0.4% at $49.77 per barrel.
Continue reading for more on today's market -- and don't miss:
- 2 healthcare stocks that could skyrocket in May, if history is any indicator.
- How options traders are playing GoPro Inc (NASDAQ:GPRO) ahead of earnings.
- Plus, a big bullish bet on First Solar; Cree's post-earnings disaster; and the drug stock pacing the Nasdaq.
Among the names with unusual call volume today is alternative energy stock First Solar, Inc. (NASDAQ:FSLR), with the contracts flowing at seven times the usual intraday rate. Much of the volume stems from a 5,000-contract block of May 29 calls, which Trade-Alert suggests was bought to open, and encompasses FSLR's earnings report next week. At last check, FSLR shares are up 4.6% at $28.81.
One of the worst performers on the Nasdaq is Cree, Inc. (NASDAQ:CREE), dropping 14% to trade at $21.35 -- not far from November's multi-year lows -- and landing on the short-sale restricted list. Triggering the sell-off in shares of the LED specialist were a poor earnings report and subsequent downgrade.
The top gainer on the Nasdaq is biotech Akebia Therapeutics Inc (NASDAQ:AKBA), which is sitting on a brow-raising 44.3% gain at $13.52 -- and fresh off an annual high of $13.64. The stock is soaring after the company entered into a licensing agreement with Otsuka, winning it applause on Wall Street.