Trade Buzz Fuels Major Surge in Stocks

Oil prices are climbing today, too

by Karee Venema

Published on Nov 7, 2019 at 11:52 AM
Updated on Nov 7, 2019 at 11:52 AM

Stocks are trading at record highs today, as Wall Street reacts to reports the U.S. and China have agreed to roll back planned tariffs as part of broader trade negotiations. At last check, the Dow Jones Industrial Average (DJI) is up more than 225 points, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are boasting big gains, too. Oil prices are rising on the upbeat trade headlines, as well, with December-dated crude futures up 2% to trade at $57.48 per barrel.

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

midday market stats nov 7

One name seeing unusual options activity today is Teva Pharmaceutical Industries Ltd (NYSE:TEVA), with almost 32,000 calls and 144,000 puts traded so far -- seven times the average intraday pace, and on track for an annual high. New positions are being added at the March 9 and 10 puts, possibly as part of a spread. TEVA shares are up 11.8% to trade at $9.05, as traders celebrate the drugmaker's upwardly revised 2019 profit forecast.

Expedia Group Inc (NASDAQ:EXPE) is the worst stock on the S&P 500 Index (SPX) today -- down 24.6% at $102.01, fresh off a 21-month low of $99.78. The online travel firm reported a third-quarter earnings miss, citing rising marketing costs and search engine optimization (SEO) headwinds. A round of bearish brokerage notes is only adding pressure, though EXPE stock is finding familiar support at the century mark, which has served as a floor since early 2016.

Chinese internet search provider Baidu Inc (NASDAQ:BIDU), on the other hand, is having a big day -- up 12.7% at $121. The company's third-quarter earnings and revenue came in above consensus estimates, with BIDU pointing to growing demand for its video streaming platform, iQIYI (IQ). Several price-target hikes have come through, too, putting Baidu stock on track to close above its 140-day moving average for the first time since April.

bidu stock daily price chart nov 7


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