The tech-heavy index is eyeing a 4th straight win
Extending what has been the theme all week, the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are failing to make a substantial move higher today. Focus remains on the recent meeting between the U.S. and North Korea, and the upcoming Fed decision, with the central bank fully expected to raise rates. The Nasdaq Composite (IXIC) is outperforming, however, and earlier hit another record high, thanks to strength out of tech and healthcare stocks. In fact, another positive finish would mark a fourth straight win for the index.
Continue reading for more on today's market, including:
- An analyst just named their top telecom stock pick following the AT&T-Time Warner news.
- 2 reasons Goldman Sachs expects Netflix stock to surge.
- Plus, AMD stock surge draws June call buyers; a tech stock soaring after earnings debut; and the C-suite news sinking this industrial name.
One name seeing heavy options trading today is Advanced Micro Devices, Inc. (NASDAQ:AMD), as the chipmaker continues its recent surge higher -- and its propensity to rally in June. AMD stock is trading up 3.9% at $16.47, earlier hitting an 11-year high of $16.48, and call volume has already nearly surpassed the daily average. The most popular contracts are the June 15.50, 16, and 16.50 strikes, as traders seemingly believe more upside is ahead of the security. Advanced Micro has already added 82% since its early April low near $9.
One of the top stocks on the New York Stock Exchange is Pivotal Software Inc (NYSE:PVTL), thanks to the tech company's smaller-than-expected first-quarter loss, revenue beat, and and upbeat full-year outlook. A round of price-target hikes is only fueling the fire. PVTL shares have jumped 25.6% to trade at $26.65. They earlier topped out at $26.80, which is the highest they've traded since going public back on April 20.
Meanwhile, Chart Industries, Inc. (NASDAQ:GTLS) is sinking over on the Nasdaq. The industrial stock has dipped 7.3% at $67.62, after the company announced it has terminated former CEO William Johnson without cause, and he'll be replaced by Jillian Evanko. However, GTLS stock remains up 86% over the past year, and today's pullback is being contained by the 20-day moving average.
