Schaeffer's 43rd Anniversary Stock Picks in 2024

Tech, Energy Lift Dow Jones Industrial Average; S&P, Nasdaq Off New Highs

The Surging Cybersecurity Stock With Room to Run

May 15, 2017 at 12:01 PM
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Stocks have started the week with a bang, as tech and energy shares surge. While the Dow Jones Industrial Average (DJIA) came within a chip-shot of 21,000 earlier amid an analyst-induced spike for Cisco Systems stock, both the S&P 500 Index (SPX) and Nasdaq Composite (COMP) are fresh off record intraday highs. As tech shares soar in the wake of the global ransomware cyberattack, oil stocks are rising on signs an extended supply cut will be agreed upon at an upcoming meeting of global crude producers. At last check, June-dated crude futures were up 2.9% at $49.24 per barrel.

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

  • The soaring cybersecurity stock that could have room to run.
  • How Apple and Amazon have turned up the heat on Tesla stock.
  • Plus, ASNA options volume explodes; a bouncing Apple supplier; and Thermo Fisher strikes a $5.2 billion deal.

midday market stats may 15

Among the names with accelerated options activity is Ascena Retail Group Inc (NASDAQ:ASNA), with the contracts more than 75 times the expected intraday rate. Plus, with 41,186 options traded, volume has easily surpassed the previous 52-week peak set on Sept. 14. Almost all of the activity has centered at ASNA stock's June 3 call and put, where Trade-Alert suggests a short straddle was initiated to take possibly take advantage of inflated pre-earnings volatility levels. The retail shares hit a 14-year low of $2.92 earlier, but have since swung 2.5% higher to trade at $3.07.

Apple supplier Qorvo Inc (NASDAQ:QRVO) is one of the leading gainers on the S&P 500, up 5.4% at $71.49 -- within a point of new annual-high territory. QRVO stock slipped below its 80-day moving average last week following a negative earnings reaction, but has now moved back above the rising trendline.

qrvo stock price chart may 15

Patheon NV (NYSE:PTHN) is one of the biggest advancers on the New York Stock Exchange (NYSE), up 33.1% at $34.60 -- and fresh off a record high of $34.64. Thermo Fisher Scientific said it would purchase the Dutch drugmaker in an all-cash deal valued at $35 per PTHN share, or $5.2 billion total.

 

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