Stocks Stay Hot As Dow Eyes Fourth Straight Win

The small-cap RUT touched a record high earlier

by Patrick Martin

Published on Jul 10, 2018 at 11:49 AM

The Dow Jones Industrial Average (DJI) is extending its recent run of gains, up triple digits and on track for its fourth straight win, as corporate earnings season wrestles the spotlight from trade war tensions. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also pushing higher, with the former nabbing a four-month high on the heels of PepsiCo (PEP) earnings. Small-cap stocks have joined in on the fun as well, with the Russell 2000 Index (RUT) tapping a fresh record peak.

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

  • This healthcare stock is a safe haven from the Amazon threat, per analysts.
  • Why the Chipotle downgrade could be a buying opportunity.
  • Plus, Pandora puts popular; Lowe's restructures the C-Suite; and one analyst pumps the brakes on Biogen stock.

Midday Market Stats July 10

One name seeing notable options trading today is Pandora Media Inc (NYSE:P). Shares of the music streaming name are down 1.8% at $7.84, and options bears are piling on. Put volume is running at 17 times the expected pace, on track for the 100th percentile of its annual range. Leading the charge today is the August 9 put, where more than 10,000 contracts have been exchanged, and buy-to-open activity is suspected.

A notable S&P 500 gainer today is Lowe's Companies, Inc. (NASDAQ:LOW), up 2% to trade at $98.98, after the company announced it would be scrapping four executive positions in an effort to realign its leadership structure. The remaining positions will report to CEO Marvin Ellison, who took the post in May after a stint at J C Penney (JCP). On the charts, LOW shares recently pulled back from the century mark, although the dip was contained by their 40-day moving average.

MMC Daily Stock Chart Low

One name struggling today is Biogen Inc (NASDAQ:BIIB), down 3.5% to trade at $341.80, after Baird cut the drugmaker to "neutral" from "outperform." The analyst in coverage posited that the stock's seismic move last week was not warranted, and called the company's big Alzheimer's disease data ambiguous. Despite the pullback today, BIIB is still trading comfortably above its year-to-date breakeven point.

VIX Options Signal Points to Possible Volatility Spike
VIX open interest is at an annual low
Altaba Stock May Be Sending Up a Buy Signal
AABA has seen some unusual options activity in the past couple of weeks
VFC Call Options Hot Ahead of Fiscal First-Quarter Earnings
VFC stock touched an all-time high earlier today
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