Chevron Puts Dow on Track for Record Close

Disappointing factory data isn't slowing down stocks

by Karee Venema

Published on Jun 21, 2019 at 11:52 AM
Updated on Aug 13, 2019 at 12:35 PM

After a quiet start, the Dow Jones Industrial Average (DJI) is on track for a record close, as energy stock Chevron (CVX) rallies with oil prices. August-dated crude was last seen up 0.7% at $57.48 per barrel, as tensions between the U.S. and Iran linger. In addition, traders are cheering Vice President Mike Pence's comments of "positive signs" on trade with China. And despite this morning's IHS Markit flash purchasing managers index (PMI) for June -- which fell to its lowest point since 2009 -- the S&P 500 Index (SPX) tagged another all-time intraday peak not long ago, and the Nasdaq Composite (IXIC) is headed for its fifth straight win alongside its index peers.

Continue reading for more on today's market, including: 

  • Options volume spikes on surging drug stock.
  • Day traders think Caterpillar stock will snap its win streak.
  • Plus, Opko Health options bull strikes; Catalent hits new highs; and the cruise stock near the bottom of the Big Board.

midday market stats june 21

Options bulls are blitzing Opko Health Inc. (NASDAQ:OPK) today, with 6,916 calls on the tape so far -- 24 times what's typically seen at this point in the day -- compared to just 14 puts. Most notable is a block of 3,509 September 2 calls that was likely bought to open for $0.40 apiece, making breakeven at September expiration $2.40 (strike plus premium paid).* OPK stock is up 0.5% today at $2.04, but remains roughly 32% lower year-to-date.

Catalent Inc (NYSE:CTLT) is near the top of the New York Stock Exchange (NYSE), after Jefferies upgraded the drug developer to "buy" from "hold," and lifted its price target to $62 from $50 -- a 23% premium to last night's close. CTLT stock is up 4.7% at $52.65, fresh off a record high of $53.36, and has now rallied 80% off its late-December lows.

Carnival Corp (NYSE:CCL) is one of the worst stocks on the Big Board, after the cruise operator's downwardly revised full-year profit forecast was met with a round of bearish brokerage notes -- including a downgrade to "neutral" at Instinet. CCL stock is down 4.7% at $46.49, closing in on its Dec. 26 two-year low at $45.65.

ccl stock daily price chart on june 21

*This sentence has been updated to correct the purchase price and breakeven. We apologize for the error.

a schaeffer's exclusive

5 NEW STOCK PICKS

We're celebrating 38 years with this FREE insider report!


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


What's Next for the American Wealth Gap
Porter Stansberry is predicting a major change in the American economic system.
Bull Notes For Aramark Stock After Activist Investor Stake
Aramark is one of the best stocks on the NYSE today
Big Sale Boosts TLRD Stock
The company is selling its corporate apparel business for $62 million
IRA/401K Investment Guide: 2019 Stock Market Crash
Use gold to protect any IRA, 401(k), or retirement account from a looming financial crisis.