Stocks are trading higher in step with oil prices
The Dow Jones Industrial Average (DJIA), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) all hit new record highs this morning, with energy stocks setting a bullish tone as November crude futures add 2.7% to trade at $50.90 per barrel. However, Dow component Procter & Gamble (PG) is sitting out the rally, with PG stock down 1.3% after activist investor Nelson Peltz failed in his bid for a board seat. Peltz has yet to concede the proxy battle, arguing the vote is too close to call.
Continue reading for more on today's market, including:
- The Apple supplier slapped with a "sell" rating by Goldman Sachs.
- The driverless car news that sent one tech stock to new highs today.
- Plus, option volume soars on Corning; the airline moving higher on upbeat September stats; and Apache gets slammed by Jefferies.
Among the stocks with unusual options volume is glass manufacturer Corning Incorporated (NYSE:GLW), with roughly 11,000 options traded -- six times the average intraday norm, and pacing in the 97th percentile of its annual range, per Trade-Alert. The weekly 10/27 30.50 strike-call, November 32 call, and November 28 put are most popular, with short-term speculators placing their bets ahead of GLW's late October earnings report. At last check, GLW was trading down 1% at $28.90.
One of the biggest gainers on the New York Stock Exchange (NYSE) is airliner United Continental Holdings Inc (NYSE:UAL). The shares of UAL are moving higher after the company's September operational metrics and third-quarter guidance triggered bullish notes from both UBS and Cowen and Company. UAL is trading up 6% at $68.26, after gapping above its 80-day moving average this morning.
One of the worst stocks on the NYSE today is energy concern Apache Corporation (NYSE:APA), with the shares down 6% at $43.19, after Jefferies assumed coverage with an "underperform" rating and a price target of $38. The shares have dropped more than 31% over the past year, and touched a record low of $38.14 on Aug. 31.