Dow Holds Near Record High

Fed speeches are in focus today

by Karee Venema

Published on Nov 6, 2019 at 11:54 AM

Stocks are holding near record highs today. Following last week's third rate cut of the year, Fed speeches are in focus, with Chicago Fed President Charles Evans earlier categorizing the central bank's monetary policy as "accommodative." Looking ahead, Philadelphia Fed President Patrick Harker is slated to speak at 3:15 p.m. ET. M&A headlines are also on the radar, with HP (HPQ) and Xerox (XRX) up on buyout buzz. At last check, the Dow Jones Industrial Average (DJI) is modestly higher, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are in the red.

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

  • Why this analyst thinks Apple has room to run.
  • Wendy's beat-and-raise could draw bull notes.
  • Plus, Juniper bulls eye big breakout; the pharma stock that's doubled today; and behind Supernus Pharmaceuticals' major sell-off.

midday market stats nov 6

One name seeing unusual options activity today is Juniper Networks, Inc. (NYSE:JNPR), with almost 18,000 calls traded so far -- 29 times what's typically seen at this point -- compared to just 372 puts. The November 26 call is most active, and it looks like new positions are being purchased here. If this is the case, call buyers expect the networking products name to break out above long-term resistance at its 200-day moving average by the close next Friday, Nov. 15. JNPR stock was last seen up 1.3% at $25.67, set for a third straight gain.

jnpr stock daily price chart on nov 6

Constellation Pharmaceuticals Inc (NASDAQ:CNST) is at the top of the Nasdaq today, up 109% at $30.88. Fueling the pharma stock's fire is positive preliminary data from a mid-stage study of the company's anti-tumor treatment, CPI-0610, when used in combination with Incyte's (INCY) Ruxolitinib. Earlier, CNST topped out at a record high of $45.42, and is now up 652% year-to-date.

Supernus Pharmaceuticals Inc (NASDAQ:SUPN) is at the bottom of the Nasdaq in intraday action, after the drugmaker reported weaker-than-anticipated third-quarter earnings and revenue. The company also said its ADHD treatment failed a late-stage study, and downwardly revised its full-year product sales forecast. A downgrade to "hold" from "buy" at Jefferies is only pouring salt on the proverbial wound, with SUPN stock off 31.3% at $20.02, earlier hitting a three-year low of $19.99.


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