Buffett's Apple Endorsement Sends Dow Up Triple Digits

The unemployment rate fell to 3.9% in April

Managing Editor
May 4, 2018 at 11:53 AM
facebook twitter linkedin


The Dow Jones Industrial Average (DJI) is up triple digits at midday, shaking off early losses stemming from the nonfarm payrolls report for April, which indicated the unemployment rate fell to 3.9% last month. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also higher, as Apple (AAPL) stock explores record highs following news that Warren Buffett bought shares. The blue chip is set to end the week with a 12.8% gain -- which would mark its best week since October 2011.

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

  • Why you should buy calls on Square stock right now.
  • Twitter's password glitch could be a buying opportunity.
  • Plus, GoPro's unusual options volume; one of 2018's best restaurant stocks; and the tech stock falling on withdrawn guidance. 

Midday Market Stats May 4

One stock sporting unusual options volume today is camera manufacturer GoPro Inc (NASDAQ:GPRO). So far, roughly 21,000 puts have traded -- 14 times what's typically seen at this point in the day. Seeing the most action is the October 6 put, which has seen more than 15,000 contracts trade after GoPro's earnings beat. GPRO stock is up 8% at $5.35, set to close back above the 50-day moving average, and has gained 21% since touching all-time low of $4.42 on April 4.

Near the top of  the New York Stock Exchange (NYSE) is burger chain Shake Shack Inc (NYSE:SHAK), after the company reported an impressive first-quarter earnings beat, just months after one analyst called SHAK one of the best restaurant stocks to own in 2018. SHAK stock has gapped 23% higher to trade at $58.40, and earlier touched a more than two-year high of $58.39.

Internet provider Gogo Inc (NASDAQ:GOGO) is one of the Nasdaq's worst performers, with the stock lower after after the firm withdrew its 2018 guidance. GOGO is down 12% at $8.45 at last check, gapping back below the 50-day and 30-day moving averages, and falling onto the short-sale restricted list.

GOGO Daily Chart with 30 and 50 MA


A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earnings guide for Q3 before it's too late!


  
 
Special Offers from Schaeffer's Trading Partners