Chip stocks have slipped after Micron earnings
Stocks are trading mixed at midday, with the Dow Jones Industrial Average (DJI) extending yesterday's gains -- hitting another record high out of the gate -- on the back of a surge from blue chip McDonald's (MCD). Meanwhile, the S&P 500 Index (SPX) is modestly higher -- and earlier touching a fresh high of its own -- though the Nasdaq Composite (IXIC) is suffering a pullback alongside big tech names Micron (MU), Intel (INTC), and Apple (AAPL). Currently, all three indexes are pacing toward weekly wins.
Continue reading for more on today's market, including:
- The Dow signal not seen since 2016.
- An FDA nod and analyst bull note have this pharma stock surging.
- Plus, Transocean's $89M contract; the furniture stock soaring on earnings; and the weed stock having a crazy week.
Oil name Transocean LTD (NYSE:RIG) is sporting unusual options volume in today's trading, and was last seen up 4.8% at $13.23. A mere two days after landing a pair of bull notes, Transocean Norge -- of which RIG owns a 33% stake -- announced a six-well contract, worth $89 million, to drill for Equinor. Roughly 121,000 puts have crossed the tape so far -- 27 times the average intraday pace. Most active have been the January 2019 11-strike and 12-strike puts, totaling over 100,000 contracts, with Trade-Alert pointing to a possible roll down. RIG is up 46% year-over-year.
Furniture concern Steelcase Inc.(NYSE:SCS) is at the top of the New York Stock Exchange (NYSE) today, surging after the company reported fiscal third-quarter earnings that surpassed estimates, and issued upbeat guidance. The stock has gapped 15.8% higher to $18.70, and is now trading solidly north of the $15.50-$16 area that's acted as resistance the past year. After notching a new two-year high of $19.35, SCS is up 23% year-to-date.
The worst performer on the Nasdaq today is Tilray Inc (NYSE:TLRY), as the weed stock extends its volatile run on the charts. TLRY has had a wild run since its mid-July public trading debut. In fact, just this past Wednesday, Sept. 19, the cannabis giant soared to a record high of $300, but has since surrendered more than half of those gains. Tilray stock is down 22% at $137.44, at last check, sporting a place on the short-sale restricted list.