Stocks Hit New Highs as Iran Fears Fade

Gold and oil prices, meanwhile, are retreating

by Lillian Currens

    Published on Jan 9, 2020 at 12:01 PM
    Updated on Jan 9, 2020 at 1:34 PM

    The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are confidently higher at midday -- and earlier nabbed fresh record highs -- as investors shed some of their initial fears over the conflict between the U.S. and Iran. The tech-rich Nasdaq Composite (IXIC) also hit new highs after Advanced Micro Devices (AMD) got an upgrade from Mizuho, and data out of Reuters pointed to an 18% pop in iPhone sales in China during the month of December.

    Meanwhile, February-dated gold futures are ebbing, down 0.7% to trade at $1,548 per ounce at last check, while oil for February delivery is trading back near their Jan. 3 levels prior to the U.S. drone strike, at $59.02 per barrel.

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

    • The pharma stock surging after a major allergy treatment breakthrough. 
    • Subpar holiday sales and a lowered Q4 forecast aren't fazing L Brands bulls
    • Plus, PINS stock pops on partnership; TRIL tops charts; and TUFN stock nosedives after revenue forecast. 

    Midday Market Stats Jan 9th

    A partnership between Pinterest Inc (NYSE:PINS) and SmartCommerce Click2Cart that will add digital shopping capabilities to its website has drawn an unusual amount of options activity to the tech stock today. Already 29,000 calls and 5,356 puts have exchanged hands -- five times what's typically seen at this point. The most active position by far is the weekly 1/10 20-strike call, where positions are being bought to open. PINS is pacing for its fourth consecutive win and its second-straight close atop its 50-day moving average since early September. At last check, the stock is up 1.5% to trade at $20.01. 

    Pins Jan 9

    Canadian drug developer Trillium Therapeutics Inc (NASDAQ:TRIL) is the top performer on the Nasdaq today by a wide margin, following well-received updates on the healthcare concern's TTI-621 and TTI-622 CD47 programs. The stock is up a whopping 116.1% to trade at $3.22, and earlier hit a new annual high of $3.43 earlier today. The stock is up 70% year-over-year, and traded as low as 24 cents on Oct. 31.  

    Tufin Software Technologies Ltd (NYSE:TUFN) is one of the worst performing stocks on the New York Stock Exchange (NYSE) today, after the cybersecurity concern lowered its fourth-quarter revenue outlook and projected a wider operating loss than previously expected. At least five analysts have already issued price target cuts, the lowest coming from Stifel, which slashed its estimate to $15. TUFN was down 23.2% to trade at $13.22 at last check, and hit a record low of $11.70 earlier today. 

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