Investors are digesting an upbeat round of corporate earnings
Stocks are adding to their early gains at midday, as Wall Street enjoys a relief rally amid an uptick in the Turkish lira. The Dow Jones Industrial Average (DJI), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) are all sporting solid leads, with traders turning their attention back to corporate earnings, including a strong quarterly report from blue chip Home Depot (HD). Adding to the bullish backdrop is a rise in oil prices, which has the energy sector outperforming today. At last check, September-dated crude futures were trading up 1% at $67.89 per barrel.
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One name seeing notable options trading today is Universal Display Corporation (NASDAQ:OLED), as bulls bet on more upside from the shares. Call volume is running at four times the expected pace today, roughly quadrupling the number of puts traded. The weekly 9/28 110-strike call is one of the most active options, where data indicates buy-to-open activity is taking place. Similar activity is also taking place at the 115-strike call from the same series. OLED stock is trading up 2.3% today at $120.18, extending its run higher following Friday's post-earnings pop.
One of the best stocks on the New York Stock Exchange (NYSE) is Advance Auto Parts, Inc. (NYSE:AAP), thanks to the company's $600 million buyback plan and a promising full-year revenue outlook. As a result, AAP stock is trading up 7.7% at $156.05, and earlier hit a 52-week peak of $159.50. Year-to-date, the auto parts retailer has gained 56%.
A major NYSE loser today is Switch Inc (NYSE:SWCH), shedding more than one-fourth of its value and hitting an all-time low of $10. SWCH shares traded as high as $24.90 the day after its October IPO, but it's been nothing but downside for the data center operator since. The stock could be pressured lower, too, if more analyst downgrades roll in.