WSJ: The Fed's balance sheet unwind could end sooner than expected
With an end hopefully in sight for the now record-breaking government shutdown, and after upbeat comments about U.S.-China trade negotiations from Treasury Secretary Steven Mnuchin, the Dow Jones Industrial Average (DJI) is up more than 200 points -- now pacing for its fifth consecutive weekly win, and its longest weekly win streak since August. Plus, ahead of next week's Fed meeting, traders applauded a Wall Street Journal report stating the Fed's balance sheet reduction could end sooner than expected.
Elsewhere, FAANG stocks Amazon (AMZN) and Apple (AAPL) are higher, as analysts wax optimistic ahead of earnings next week. Against this background, the S&P 500 Index (SPX) and tech-rich Nasdaq Composite (IXIC) are also higher, but still pacing for modest weekly losses.
Continue reading for more on today's market, including:
- Piper Jaffray predicted big upside for one pot stock.
- The penny stock expected to triple.
- Plus, Citron draws TWTR bulls; RAND soars on a big investment; and ResMed retreats after earnings.
Twitter Inc (NYSE:TWTR) is seeing notable options activity today. So far, about 69,000 calls have changed hands -- roughly three times the average intraday pace. The weekly 1/25 series is by far the most popular, with last-minute buy-to-open activity detected at the weekly 1/25 33-strike calls, which expire at the close. At last check, TWTR shares are up 2.5% to trade at $32.41, after Citron Research waxed optimistic on the social media stock.
Rand Capital Corporation (NASDAQ:RAND) is a top performer on the Nasdaq today, after East Asset Management said it will buy a majority stake in the firm for about $25 million. The penny stock was last seen 36.7% higher at $3.09, set for its best day since 2004. RAND earlier touched a new two-year high of $3.60.
One of the stocks lagging on the New York Stock Exchange (NYSE) today is ResMed Inc (NYSE:RMD), after the company's fiscal second-quarter revenue fell short of analysts' expectations -- leading J.P. Morgan Securities to downgrade its rating to "underweight" from "neutral," and BMO to trim its price target to $124 from $127. The medical concern is now pacing for its worst day since 2000, dropping below its 260-day trendline -- a former area of support -- for the first time since 2016. The stock is down 15.7% at $98.84.
