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
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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.

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