However, Chevron's M&A plans are keeping DJI gains in check
The Dow Jones Industrial Average (DJI) is soaring at midday, thanks to an earnings beat from JPMorgan Chase (JPM) and Walt Disney's (DIS) new streaming service. However, oil giant Chevron (CVX) is keeping the Dow's gains in check, after the company inked a deal to buy Anadarko Petroleum (APC). While the Dow is still pacing for a weekly loss, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are set for a third straight weekly win.
Continue reading for more on today's market, including:
- The FAANG stock facing stiff competition from Disney.
- This pharma stock just got another "buy" rating.
- Plus, Microsoft hits a new high; a closer look at Anadarko; and XFOR tanks on a stock offering.
Microsoft Corporation (NASDAQ:MSFT) is seeing unusual options volume today, with roughly 80,000 calls across the tape so far -- nearly three times the average intraday volume. The July 120 and 125 calls are seeing the most action, with Trade-Alert suggesting one trader is adjusting a losing short-call position. The blue chip is up 0.4% at $120.78, and just hit a new all-time-high at $120.98 earlier today.
The oil concern Anadarko Petroleum Corporation (NYSE:APC) is at the top of the New York Stock Exchange (NYSE), on Chevron's decision to buy the company for $33 billion, or about $65 per share. In response, APC is up 32.2% at $61.85. Today the equity is pacing for its best day ever, and just popped atop its 120-day moving average for the first time since mid-October.
One of the worst stocks on the Nasdaq is X4 Pharmaceuticals Inc (NASDAQ:XFOR), after pricing a public offering at $11 per share -- a 27.2% discount to last night's close. The stock is down 15.6% at $12.75 in response, pacing for its third consecutive week in the red.