Dow Gains 300 Points, VIX Plummets

All but four of the DJI's 30 stocks are higher at midday

Managing Editor
Feb 7, 2018 at 11:57 AM
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Stocks have once again erased early losses, with all major indexes trading higher at midday. Specifically, the Dow Jones Industrial Average (DJI) was up more than 300 points at its intraday peak, with all but four of the Dow's 30 stocks higher at last check. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have also managed to turn higher, as traders eye the latest round of corporate earnings. Despite another volatile trading session and uncertainty about a possible government shutdown, the CBOE Volatility Index (VIX) is down more than 25%, after briefly topping 50 yesterday.

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

  • 2 tech stocks on sale right now.
  • Wynn Resorts stock is soaring on CEO news.
  • Plus, SNAP's unusual options volume; good news for Oprah; and the software stock gapping lower.

Midday Market Stats Feb 7

Among the stocks with unusual options volume today is Snapchat parent Snap Inc (NYSE:SNAP), with more than 275,000 calls traded -- 19 times what's typically seen during the day, and already topping the Nov. 8 all-time high. The social media stock's surge can be attributed to its recently reported better-than-expected fiscal third-quarter revenue. At last check, SNAP was trading back above its IPO price, up 35% at $19.

One of the top performers on the New York Stock Exchange today is health and wellness concern Weight Watchers International, Inc. (NYSE:WTW). Shares of WTW are soaring after the Oprah-backed company announced that it will be offering free memberships to teenagers, and expects to grow revenue to over $2 billion by the end of 2020. At last check, Weight Watchers stock was up 15% at $72.55, and just off a five-year high of $73.59.

One of the worst performers on the Nasdaq today is software developer Manhattan Associates, Inc. (NASDAQ:MANH), after the company reported a fourth-quarter revenue miss, and issued a weak first-quarter forecast. The report sent MANH stock 14% lower to trade at $43.46, at last check. Just over two weeks ago, Manhattan Associates stock touched an annual high of $54.21.

Daily Chart of MANH since Feb 2017

 

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