Bank Stocks, Caterpillar Boost Dow

The Nasdaq, meanwhile, is in the red

Managing Editor
Sep 19, 2018 at 12:10 PM
facebook twitter linkedin

After a slow start to the trading day, the Dow Jones Industrial Average (DJI) is outperforming, as big bank stocks JPMorgan (JPM) and Goldman Sachs (GS) rise on rate-hike expectations, and construction name Caterpillar (CAT) rallies on easing trade tensions. The S&P 500 Index (SPX) is also higher -- within chip-shot of its all-time peak -- though the Nasdaq Composite (IXIC) is lower as tech stocks resume Monday's sell-off.

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

  • Netflix stock is failing to capitalize on another bull note.
  • The oil stock soaring on upbeat analyst attention.
  • Plus, 2 popping energy names; and Copart's big miss.

Midday Market Stats Sept 19

Oil name HighPoint Resources Corp (NYSE:HPR), formerly known as Bill Barrett, is sporting unusual options volume today. Roughly 7,800 puts and 280 calls have crossed the tape -- 59 times the average intraday pace. The December 5 put is most popular, with over 7,600 contracts traded so far, with a mix of sell- and buy-to-open activity detected. HPR has struggled since its early August post-earnings bear gap, though recent support has emerged at the 320-day trendline. At last glance, the oil stock is up 0.3% at $5.42.

Near the top of the New York Stock Exchange (NYSE) today is Rowan Companies PLC (NYSE:RDC), after Wells Fargo hiked its price target on shares of the drilling contractor to $21 from $20 -- a 23% premium to current levels. Rowan stock is 7.3% higher today to trade at $17.42, fresh off a new annual high of $17.54, and has surged 44% from its mid-August lows near $12.

Car auction stock Copart, Inc. (NASDAQ:CPRT) is near the bottom of the Nasdaq today, after the company reported a fiscal fourth-quarter profit miss. The shares are down 13.2% at $55.70 in response, gapping below long-term support at the 50-day and 80-day moving averages. While the stock remains 24% higher year-to-date, today's bear gap has pulled CPRT's month-to-date deficit to 14%, and has the stock on the short-sale restricted list. 

Daily Chart of CPRT with 50 and 80MA


Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

Schaeffer's Daily Bulletin Offer


Special Offers from Schaeffer's Trading Partners