Dow Jones Industrial Average Swings Higher With Wal-Mart

The Drug Stock Up 66% This Week

May 18, 2017 at 11:55 AM
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The Dow Jones Industrial Average (DJIA) fell out of the gate, amid lingering concerns that President Donald Trump's legislative agenda could be derailed and a negative earnings reaction for Cisco Systems stock. However, the Dow has since turned higher as Wal-Mart stock rallies post-earnings, and following a round of well-received economic reports. Elsewhere, the S&P 500 Index (SPX) has also swung into positive territory, while the Nasdaq Composite (COMP) took a successful bounce off the round 6,000 mark earlier. With stocks steadying themselves, the CBOE Volatility Index (VIX) is down 8% -- but not before touching 16.30 earlier, its loftiest perch since Nov. 9.

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

  • The drug stock that's up more than 66% this week.
  • Takeover talk has Pandora stock booming.
  • Plus, a big bearish bet on gold; athenahealth gaps higher; and one retail stock's worst day ever.

midday market stats may 18

Among the names with unusual options activity is Kinross Gold Corporation (USA) (NYSE:KGC), with nearly 66,000 puts traded -- 33 times the expected intraday pace and a new annual high. By comparison, 1,805 calls are on the tape. Almost all of the action is a result of 59,010 June 4 puts being bought to open for an initial cash outlay of $767,130 (number of contracts * $0.13 premium paid * 100 shares per contract). In other words, the put buyer is hoping the gold stock breaches $4 over the next four weeks. KGC stock was last seen down 1% at $4.23, after hitting an eight-month high yesterday.

athenahealth, Inc (NASDAQ:ATHN) is one of the biggest advancers on the Nasdaq, after Paul Singer of Elliott Associates unveiled a 9.2% stake in the healthcare company. While ATHN stock was last seen up 18.5% at $125.99 and on track to close north of its 320-day moving average for the first time since last July, gains are being contained by familiar resistance in the $126-$127 region.

athn stock price chart may 18

Stein Mart, Inc. (NASDAQ:SMRT) is one of the biggest decliners on the Nasdaq, after the retailer reported disappointing earnings and offered weak guidance, and suspended its quarterly dividend. SMRT stock is down 39.4% at $1.03 -- fresh off an eight-year low of $1.00 -- on track for its worst single-day percentage loss on record.

 

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