Stocks Soar as VIX Sinks

JPMorgan Chase and UnitedHealth are among today's big earnings winners

by Patrick Martin

Published on Oct 15, 2019 at 11:48 AM

The Dow Jones Industrial Average (DJI) is up over 260 points at midday -- and was up more than 330 points at its session highs -- as investors take a break from U.S.-China trade headlines and cheer a promising start to third-quarter earnings season. JPMorgan Chase (JPM), Johnson & Johnson (JNJ), and UnitedHealth (UNH) are propping up the blue-chip index with their quarterly reports, but Wall Street is also digesting New York’s Empire State manufacturing index, which unexpectedly rose this month. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are confidently in the black as well, while Wall Street's "fear gauge," the Cboe Volatility Index (VIX), heads toward its fifth straight loss and lowest close since late July.

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

  • Nvidia stock eyes a key level after a big bull note.
  • The red-hot pharma stock hitting record highs today.
  • Plus, options traders target SmallCap newcomer; Aphria rallies after revenue beat; and Netflix takes a breather ahead of earnings.

Midday Market Stats Oct 15

One name seeing heightened options volume today is Glu Mobile Inc (NASDAQ:GLUU), with 4,600 calls crossing the tape so far -- 17 times the average intraday amount, and almost 28 times the number of puts traded. Most of the action has transpired at the December 7 call, where new positions are being opened. GLUU is up 11.7% to trade at $6.14 on news the software stock is joining the S&P SmallCap 600 Index.

Aphria Inc (NYSE:APHA) is near the top of the New York Stock Exchange (NYSE) today, up 22% to trade at $5.32. This comes after the Canadian pot company reported fiscal first-quarter earnings and revenue that topped analyst expectations. APHA is pacing for its best day since Aug. 2, but is still staring up at its year-to-date breakeven level, an area that coincides with its 30-day moving average.

Sitting out today's rally is Netflix Inc (NASDAQ:NFLX), down 0.6% to trade at $284.68, after Roku (ROKU) said it's adding Apple's (AAPL) Apple TV to its platform. NFLX is on track to snap a three-day winning streak, a rally that was swiftly rejected by its 50-day moving average. The streaming icon will report third-quarter earnings after the close tomorrow, Oct. 16. 

MMC Daily Chart NFLX


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