Dow Soars as OPEC Rumors Boost Oil Prices

Big-cap energy stocks XOM and CVX are in rally mode

Managing Editor
May 30, 2018 at 12:04 PM
facebook twitter linkedin


The Dow Jones Industrial Average (DJI) is up triple digits at midday, as blue-chip energy stocks Chevron (XOM) and Exxon Mobil (XOM) surge alongside oil prices. At last check, July-dated crude futures were trading 2.2% higher at $68.16 per barrel, after a Reuters report suggested the Organization of the Petroleum Exporting Countries (OPEC) and other global oil producers will maintain current output cuts through the end of the year -- offsetting this morning's soft economic data. The stock market rally is broad, too, with the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) moving higher, and the Russell 2000 Index (RUT) fresh off an all-time peak.

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

  • Options bulls are winning big on this booming pharma stock.
  • Analyst targets 20% upside for this soaring tech stock.
  • Plus, Dick's and Movado surge on earnings beats; and one stock slumps to a post-earnings low.

Midday Market Stats May 30

Retail concern Dick's Sporting Goods Inc (NYSE:DKS) is seeing a surge in options volume today, with roughly 19,000 calls and 16,000 puts traded so far -- 13 times the intraday norm. Seeing notable action are the front-month June 35 and 36 puts, and the weekly 6/1 31.50-strike call. DKS stock is 27% higher to trade at $38.72, on the rise following the company's first-quarter earnings beat and raise. Longer term, the stock has been trending mostly sideways since December, but with today's lift has the shares on track to close above the $38 mark for the first time since last July.

One of the top performers on the New York Stock Exchange (NYSE) is Movado Group, Inc (NYSE:MOV), with the stock gapping higher after the watchmaker's impressive first-quarter earnings and revenue beats, and upwardly revised guidance. MOV stock is up 16.7% at $49.25, fresh off a record high of $49.85. Longer term, the shares are 128% higher year-over-year, guided by their 80-day moving average.

Daily Chart of MOV with 80MA

One of the Nasdaq's worst performers today is Daktronics, Inc. (NASDAQ:DAKT), after the billboard specialist reported an unexpected quarterly loss. At last check, DAKT stock is 18.2% lower at $8.22, earlier hitting an annual low of $7.85.

 

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 

 


 


 
Special Offers from Schaeffer's Trading Partners