Bank Stocks, Caterpillar Boost Dow

The Nasdaq, meanwhile, is in the red

Managing Editor
Sep 19, 2018 at 12:10 PM
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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


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