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.

Ditch These Bank Stocks Before the Fed Rate Hike
Wall Street is pricing in a rate hike from the Fed on Sept. 26
Put Options Pop on Ascena Retail Stock Before Earnings
ASNA broke above the $2.40 ceiling this past May
Bullish Options Signal Says Garmin Has Room To Run
The GPS maker nabbed a 10-year high earlier today
From Schaeffer's Pro Traders
Weekly Options Secrets Revealed

Direct from our Schaeffer's traders, your FREE guide to winning with weekly options!


Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


How to Transform Technical Indicators
How you can transform lagging indicators into leading indicators.
Cape Fear Flooding Drops Duke Energy Stock
The utility company said a dam breached at a North Carolina power station
Dow and S&P Cruise to Record-Breaking Weeks
Tech stocks prevented the Nasdaq from exploring its own record high
How to Transform Technical Indicators
How you can transform lagging indicators into leading indicators.