Nasdaq Set to Snap Losing Streak as Tech Outperforms

The IXIC and SPX are still headed toward weekly losses, though

Managing Editor
Sep 7, 2018 at 12:03 PM
facebook twitter linkedin


The Dow Jones Industrial Average (DJI) is struggling for direction at midday as Boeing (BA) lags and this morning's jobs data heightens expectations of a September rate hike. However, a big bounce in tech has the Nasdaq Composite (IXIC) and the S&P 500 Index (SPX) higher, putting both on track to snap their recent losing streaks. But while the IXIC and SPX are pacing toward weekly losses, the Dow is clinging to a week-to-date gain at last check.

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

  • Blowout earnings have pushed this retail stock to record highs. 
  • The pharma stock sliding on a downgrade. 
  • Plus, one chip stock surging after earnings; Palo Alto Networks gets blasted with bull notes; and the cloud concern near the bottom of the Nasdaq.

MMC Stats Sept 7

One stock seeing unusual options activity today is Broadcom Inc (NASDAQ:AVGO), as the chip stock soars 8.8% post-earnings to trade at $234.72. Roughly 47,000 calls and 12,000 puts are on the tape so far, seven times the average intraday pace. New positions are being intitiated at the weekly 9/7 230- and 235-strike calls -- with nearly 9,200 total contracts traded -- which expire at tonight's close.

One of the top stocks on the New York Stock Exchange (NYSE) today is Palo Alto Networks Inc (NYSE:PANW), after the cybersecurity company last night reported a fiscal fourth-quarter earnings beat. In response, PANW has received no fewer than 17 price-target hikes, the most notable lift to $282 at J.P. Morgan Securities. Palo Alto stock is up 5.6% at $232.69 at last check, and fresh off a record high of $234.35. The stock is up 60% year-to-date, with recent support emerging at its rising 80-day moving average.

Daily Chart of PANW with 80ma

One of the Nasdaq's worst performers today is eGain Corp (NASDAQ:EGAN), after the cloud solutions company reported a fiscal fourth-quarter revenue miss. The shares have gapped 23.8% lower to trade at $9.70 -- their first trek into single digits since late May. Regardless, the stock has shown technical outperformance over the long term, per its 85% year-to-date gain.

 

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 

 


 


 
Special Offers from Schaeffer's Trading Partners