The tech sector is surging today
Strong gains out of the tech sector are driving the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) to fresh record highs at midday. FAANG stocks Alphabet (GOOGL) and Amazon.com (AMZN) are leading the charge, with upwardly revised U.S. GDP data and hopes for a trade deal with Canada sparking the risk-on session. Like AMZN, Apple (AAPL) shares are also hitting record highs, helping the Dow Jones Industrial Average (DJI) join the broad-market rally as it eyes a fourth straight win.
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One stock seeing unusual options activity today is World Wrestling Entertainment, Inc. (NYSE:WWE), as the shares rise yet again. With WWE stock up 0.6% at $84.29 and knocking on the door of its July 27 record level of $85.93, Trade-Alert is calling out one trader who is seemingly rolling a long call spread out and up from the October 65 and 80 calls to the January 2019 90- and 100-strike calls. Such a move would be expressing confidence in the equity rising to higher highs up to the $100 level in the months ahead.
PayPal Holdings, Inc. (NASDAQ:PYPL) is a notable gainer today, up 1.9% at $92.35, fresh off an all-time high of $92.94, thanks to bullish analyst attention. PYPL has been a steady climber over the past year, up more than 51% in the last 12 months. A few bears are beginning to move in on the stock, however, indicated by a 32% increase in short interest in the past two reporting periods.
Over on the New York Stock Exchange, Box Inc (NYSE:BOX) is down 8.8% at $24.26, as the company's weaker-than-expected current-quarter outlook overshadows a second-quarter earnings beat. On the other hand, BOX shares bottomed just above the 200-day moving average, hinting at potential technical support.
