Stocks Touch All-Time Highs Ahead of Tax Bill

The Republican party is expected to reveal the final draft of their tax plan

Managing Editor
Dec 15, 2017 at 12:07 PM
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U.S. stocks are moving higher this afternoon, with the Dow Jones Industrial Average (DJIA)Nasdaq Composite (IXIC) and S&P 500 Index (SPX) all scoring record highs, and pacing for a weekly win. Currently, just three Dow stocks are in the red, with tech leading the advancing majority. Stocks are in rally mode amid easing concerns over the Republican tax bill, with the final draft expected to be unveiled later today.

Continue reading for more on today's market, including:

  • The CEO shakeup spooking this transport stock.
  • Analyst: This retail stock could rally 50%.
  • Plus, SIRI's unusual options volume; the athleisure stock surging; and FIT's rapid fall.

Midday Market Stats Dec 15

Among the stocks with unusual options volume is radio streaming stock Sirius XM Holdings Inc. (NASDAQ:SIRI), with roughly 7,250 puts traded -- 11 times the average intraday norm, and pacing for the 96th percentile of its annual range. The December 5.5 put is the most active for SIRI, with more than 5,000 total contracts exchanged. At last check, Sirius stock was down 5.7% at $5.33, despite an obvious catalyst, set to end beneath its 200-day moving average for the first time since mid-2016.

One of the top stocks on the New York Stock Exchange (NYSE) is Under Armour Inc (NYSE:UAA), after the sportswear stock received an upgrade to "buy" from Stifel, and a price-target raise to $17 from $12. At last check, UAA had gapped 10% higher to trade at $15.23, set to topple its 80-day moving average for the first time since late July.

Daily Chart of UAA Since Jan 2017 with 80MA

One of the worst performers on NYSE is athletic technology concern Fitbit Inc (NYSE:FIT), after Stifel downgraded the stock to "sell." At last check, FIT stock was down 9% at $6.21, and has fallen 18% over the past year. However, the wearable technology concern could find a foothold atop its 200-day moving average, which has contained pullbacks since September.

 

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