Dow Bounces Back as Bond Yield Fears Abate

Oil is on the rebound, too, up over 3% at midday

Deputy Editor
Aug 8, 2019 at 11:53 AM
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The Dow Jones Industrial Average (DJI) has continued its early rally, up roughly 240 points at midday, as investor anxiety over the U.S.-China currency war wanes. This relief has bond yields on the rebound, after yesterday's dramatic plummet. Elsewhere, oil prices are also on the mend, with the front-month contract up 3.3% at $52.75 per barrel. Plus, Dow component Walt Disney (DIS) is enjoying a bounce, boosted by a bull note from Credit Suisse, and Advanced Micro Devices (AMD) is leading tech stocks higher after scoring high-profile clients. Against this backdrop, the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are also higher. 

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

  • The streaming stock to switch on after earnings, according to analysts. 
  • Goldman Sachs: Put this blue chip on ice
  • Plus, options traders charge Uber ahead of earnings; CVRS surges in buyout deal; and AGS gets slammed on an earnings flop. 

Midday Market Stats Aug 8

The options pits are running hot ahead of ride-share concern Uber Technologies Inc's (NYSE:UBER) second-quarter earnings -- slated for after the close today. So far, roughly 32,000 calls and 46,000 puts have exchanged hands, five times the average intraday volume. The weekly 8/9 36.50-strike put is by far the most popular, with contracts being sold here, while the most popular call is the weekly 8/9 45-strike contract. The stock is up 6.4% to trade at $42.24, thanks to a post-earnings halo lift from Lyft (LYFT). 

Medical equipment issue Corindus Vascular Robotics Inc (NYSE:CVRS) is one of the top performing stocks on Wall Street today, amid news that Siemens Healthineers will buy the company for $1.1 billion, or $4.28 per share. The stock has shot up to four-year highs in response, and is trading up 75.4% at $4.24 -- on pace for its best day ever. 

Electronic gaming manufacturer PlayAGS Inc (NYSE:AGS) is one of the worst performers today, down 53.3% at $8.15, after the company reported a wider-than-expected loss for its second quarter, along with revenue that came in below analysts' estimates. The company also cut full-year earnings guidance. AGS stock dropped to an all-time low of $6.06 earlier, continuing its recent decline sparked by overhead pressure from its 80-day moving average.

AGS Chart August 8


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