Stocks Push Higher as VIX Revisits January Lows

Overall, investors seem pleased with corporate earnings

Aug 7, 2018 at 11:59 AM
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The Dow Jones Industrial Average (DJI) and its index peers are making strong moves into positive territory today thanks to upbeat corporate earnings. With stocks trekking higher, the Cboe Volatility Index (VIX) earlier touched its lowest point since January, as a dearth of market-moving headlines has resulted in fairly steady gains across Wall Street. However, many traders may be holding tight ahead of a number of important primary and special elections across the U.S. today

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

  • The small-cap tech stock rallying to upbeat analyst attention.
  • Turtle Beach reverses course despite a big earnings beat.
  • Plus, Twilio's latest bull gap; NeoPhotonics breaks out; and a bouncing construction stock.

midday market stats aug 7

One name seeing notable options trading today is Twilio Inc (NYSE:TWLO) once again, as roughly 25,000 calls and 19,000 puts have traded -- representing nine times the expected intraday volume. Yesterday we highlighted the bearish approach options traders were taking before earnings, but the winners today are those who went long the stock. TWLO is trading up 18.9% at $75.65, and it earlier hit a record high of $77.31. The software company impressed with its second-quarter revenue growth and issued a strong third-quarter forecast. Twilio was trading down near $24 back in February before a string of three massive bull gaps in February, May, and then today.

One of the best stocks on the New York Stock Exchange (NYSE) today is NeoPhotonics Corp (NYSE:NPTN), as investors applaud the company's slimmer-than-expected second-quarter loss. NPTN also received an upgrade to "buy" from "neutral" at B. Riley, which lifted its price target to $10 from $6.50. The shares are trading 20% higher at $8.23, on pace for their highest close in over a year after breaking out of recent resistance near the 320-day moving average.

best stocks today

Over on the Nasdaq, US Concrete Inc (NASDAQ:USCR) is also having a big day, last seen up 12.1% at $50.55 following the company's second-quarter earnings results. Today's rally comes just one session after USCR stock hit a nearly two-year intraday low of $44 -- but the stock settled Monday just north of the $45 level, which previously marked USCR's fourth-quarter lows back in 2016.

 

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