Broadcom is giving chip stocks a lift
The Dow Jones Industrial Average (DJI) is higher at midday, as investors continue to cheer encouraging U.S.-China trade updates. Chip stocks are also notably higher, thanks to strong earnings from Broadcom (AVGO), which has the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) well into positive territory. Meanwhile, the Cboe Volatility Index (VIX) -- or the stock market's "fear gauge" -- is pacing for its lowest close since early October. For the week, all three indexes are on pace for notable wins.
Continue reading for more on today's market, including:
- Drug stock ascending on FDA approval.
- KeyBanc sees 25% upside for this FAANG stock.
- Plus, ADBE's surging options volume; the soaring software stock; and one of today's worst performers on the S&P.
Adobe Inc (NASDAQ:ADBE) is sporting unusual options volume today, with 33,000 calls and 30,000 puts traded so far -- six times the expected rate. Most active have been the soon-to-expire March 255 and 260 calls, where over 6,000 contracts have changed hands. ADBE is down 5% at $253.98 at last check, after giving dismal current-quarter guidance.
Telaria Inc (NYSE:TLRA) is outperforming on the New York Stock Exchange (NYSE) today, last seen up 7.5% at $5.73, though the catalyst is unclear. The software stock gapped higher in late February on strong earnings, and touched a five-year peak of $5.95 on Feb. 27. Further, the stock has nearly doubled year-to-date and is trading well north of its 200-day moving average.
Appliance name Whirlpool Corporation (NYSE:WHR) is one of the worst performers on the S&P 500 Index and at the bottom of the NYSE today, though the driver is still unclear. The shares are down 5.8% at $132.90 in afternoon trading, and are set to breach their 50-day moving average for the first time since early January.