July-dated crude futures are up more than 4% today
The U.S. stock market is surging at midday, after President Donald Trump tweeted about "an extended meeting" with Chinese President Xi Jinping at next week's G-20 summit. This only strengthens tailwinds created by stimulus chatter from European Central Bank (ECB) President Mario Draghi, and has the Dow Jones Industrial Average (DJI) set for its highest close since May 3. The easing trade tensions have buyers flocking to oil, as well, with July-dated crude up 4.3% at $54.21 per barrel.
Continue reading for more on today's market, including:
- Analyst: This bank stock can rally 32%.
- The levels we're watching on this leveraged gold mining ETF, courtesy of founder and CEO Bernie Schaeffer.
- Plus, options bear eyes emerging market ETF; analyst sees major upside for TDS; and one drug stock's worst day ever.
The iShares MSCI Emerging Markets ETF (EEM) is seeing unusual options activity today, with around 130,000 puts and 114,000 calls on the tape so far -- two times what's typically seen. Of interest is a block of 47,803 June 41.50 puts that was possibly bought to open for about $1 million (number of contracts * $0.21 premium paid * 100 shares per contract). At last check, the shares of the emerging markets exchange-traded fund (ETF) were up 2.4% at $41.92, set to close north of their 40-day moving average for just the second time since early May.
Telephone & Data Systems, Inc. (NYSE:TDS) is near the top of the New York Stock Exchange (NYSE) today, after Morgan Stanley upgraded the telecommunications name to "overweight" from equal weight," and raised its price target to $47.50 from $33 -- a 63% premium to last night's close. TDS stock is up 13.4% at $33.12, eyeing its second close north of its 100-day moving average since before a late-February bear gap.
Biohaven Pharmaceutical Holding Co Ltd (NYSE:BHVN) is at the bottom of the Big Board, after the neurological drug company announced plans to raise $300 million in equity through a common stock offering, while Leerink also noted Pfizer's (PFE) acquisition of Array Biopharma (ARRY) likely dashed M&A hopes for BHVN. At midday, Biohaven shares are down 23.8% at $43.69, headed for their worst day ever.