Outperforming Chip Stocks Push Indexes Higher

Bank stocks are also higher, with Treasury yields on the rise

Managing Editor
Sep 14, 2018 at 12:01 PM
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Stocks are trading higher this afternoon, with the Dow Jones Industrial Average (DJI) pacing for a fourth straight gain, and the S&P 500 Index (SPX) eyeing a fifth -- and edging toward record-high territory. Bank stocks are among the best sectors, boosted by rising Treasury yields. The Nasdaq Composite (IXIC) is also in positive territory, as outperforming chip stocks overshadow this morning's lackluster retail sales data.

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

Midday Market Stats Sept 14

Sporting unusual options volume today is Marvell Technology Group Ltd. (NASDAQ:MRVL), after the company set a quarterly dividend of $0.06 per share. Roughly 60,000 calls -- compared to 7,900 puts -- have crossed the threshold so far, more than eight times the average intraday pace. Most of the volume is attributable to large blocks of January 2019 19- and 20-strike calls, and October 21 calls. MRVL stock touched a year-to-date low yesterday, and is down nearly 10% in September, but was last seen 1.1% higher at $18.74.

Near the top of the New York Stock Exchange (NYSE) today is Kirby Corporation (NYSE:KEX), though the catalyst remains unclear. The tank barge concern is up 6.8% at $81.70, at last glance, regaining momentum after Monday's multi-month low. KEX is up 22% year-to-date, but recent gains have been capped by the $88 level. 

Daily Chart of KEX with Highlight at 88

Sinking on the Nasdaq today is medical equipment stock IRIDEX Corporation (NASDAQ:IRIX), after the company priced an offering of its common stock at a deep discount to yesterday's close. The shares have gapped 19% lower to $6.29, and are back below the 160-day moving average for the first time since July.

 

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