New High for Nasdaq as Tech Stays Hot

FAANG stocks are a big reason for tech's outperformance

Jun 5, 2018 at 11:53 AM
facebook twitter linkedin


The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are searching for direction at the halfway point, though the Nasdaq Composite (IXIC) continues to outperform. In fact, the index earlier reached a fresh record high, as tech stocks keep pushing higher. Heavyweights such as Apple (AAPL), Netflix (NFLX), and Amazon (AMZN) are just a few names that have hit all-time highs today. Small-cap stocks have also joined in on the action, with the Russell 2000 Index (RUT) tapping a record peak of its own.

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

  • Our founder and CEO Bernie Schaeffer discusses 2 blue chips flirting with key market caps.
  • Why First Solar stock is selling off again.
  • Plus, Weight Watchers rallies to another high; big drug sector news; and cruise lines get canned.

midday market stats june 5

One name seeing heavy options activity today is Weight Watchers International, Inc. (NYSE:WTW), as once again a bullish analyst note results in a sharp upside move. WTW is up 8.5% at $86.33, earlier tapping a seven-year high of $86.41, after BofA-Merrill Lynch initiated coverage with a "buy" rating and $95 price target. As such, call options have already nearly doubled their average daily volume. The most popular contract is the weekly 6/8 85-strike call, where new positions are being opened.

One notable Nasdaq winner today is Mylan N.V. (NASDAQ:MYL), after the U.S. Food and Drug Administration (FDA) approved its biosimilar for Amgen's (AMGN) infection drug Neulasta. MYL shares are up 6.5% at $41.01, taking out recent resistance at their 50-day moving average. However, the security topped out near its year-to-date breakeven point.

mylan stock

Over on the New York Stock Exchange, two of the biggest losers are Carnival Corp (NYSE:CCL) and Royal Caribbean Cruises Ltd (NYSE:RCL), after Morgan Stanley suggested the rise in oil prices would weigh on the sector. Shares of CCL were last seen trading down 4.3% at $60.60, and RCL has dropped 4.9% to trade at $101.252. Both stocks hit annual lows earlier.

 

If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!

 


 


 
Special Offers from Schaeffer's Trading Partners