Shares of AAPL are on track to nab their ninth straight daily win
The Dow Jones Industrial Average (DJIA) has explored a relatively tight 50-point trading range today, but was last seen modestly higher on a boost from insurance stock UnitedHealth. While the Dow's upside is being contained by a negative earnings reaction for IBM shares, the S&P 500 Index (SPX) and Nasdaq Composite (COMP) have both hit new record highs today, as the financial sector rallies around Morgan Stanley's earnings and Apple stock heads toward its longest winning streak in almost three years. The COMP is also on track to bring its string of daily wins to nine -- its longest winning streak since February 2015.
Continue reading for more on today's market -- and don't miss:
- This FAANG stock hit a record high earlier.
- The booming entertainment stock squeezing short sellers.
- Plus, CSX puts are hot; Vertex is near the top of the Nasdaq; and another sharp drop for DryShips.
Among the stocks with unusual options volume is CSX Corporation (NASDAQ:CSX), with nearly 43,000 contracts traded -- 10 times what's typically seen at this point in the day. CSX stock has shed 5.5% to trade at $51.61, as the railroad operator's lower-than-expected full-year forecast overshadows a second-quarter earnings beat. CSX options traders appear to be bracing for more losses through week's end, purchasing new positions at the July 52.50 put.
Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) is trading near the top of the Nasdaq, after the drugmaker reported blowout results for its combination cystic fibrosis treatments. VRTX stock has gapped up 22.5% to trade at $161.91, fresh off a record high of $167.
DryShips Inc. (NASDAQ:DRYS) is one of the biggest percentage decliners on the Nasdaq, after the shipping name declared another 1-for-7 reverse stock split, effective at this Friday's open. At last check, DRYS stock was down 35.1% to trade at $0.54, and earlier tagged a record low of $0.53.