The Nasdaq is underperforming yet again
The Dow Jones Industrial Average (DJIA) is trading higher after yesterday's sell-off, as stocks look to close the second quarter on a high note. Nike's post-earnings rally is boosting the Dow and S&P 500 Index (SPX), while the Nasdaq Composite (COMP) continues to lag. Oil prices, meanwhile, are on pace for a seventh straight day of gains, with August-dated crude futures up 1.4% at $45.56 per barrel at last check.
Investors are also digesting a heavy dose of economic data. For example, consumer spending edged up 0.1% in May -- in line with estimates, but less than the previous two months -- while consumer sentiment topped expectations for June, and the Chicago purchasing managers index (PMI) hit a three-year high in the same period.
Continue reading for more on today's market -- and don't miss:
- Elon Musk's latest Tesla teaser.
- Analyst expects Micron stock to surge 90%.
- Plus, a tech stock seeing heavy call volume; HAIN's huge day; and a falling 3-D printing stock.
Among the stocks with unusual call volume today is fiber optics concern Applied Optoelectronics Inc (NASDAQ:AAOI). AAOI stock is up 5% at $62.99, thanks to a fresh "buy" rating and $95 price target at D.A. Davidson. As a result, call volume is running at four times the expected pace, with 12,000 contracts exchanged. In the lead is the weekly 8/11 61-strike call, where buy-to-open activity seems likely. This would mean options traders are betting on extended upside for the stock in the coming weeks. The company is scheduled to report earnings after the close on Wednesday, Aug. 2.
One name outperforming on the Nasdaq is organic foods manufacturer Hain Celestial Group Inc (NASDAQ:HAIN), after activist investor Engaged Capital disclosed a major stake in the company. HAIN stock was last seen 8.3% higher at $38.72, putting it above former resistance at the $38 level and on pace for its highest close since its mid-February bear gap.
3D Systems Corporation (NYSE:DDD) is underperforming on the Nasdaq, falling 5.4% to $19.11, putting the 3-D printing expert on pace for its first close below the 50-day moving average since late April. In fact,
DDD stock has been trending lower since peaking at $23.70 on May 17.