Stocks Maintain Momentum For Weekly Wins

Oil is also enjoying a midday boost

Digital Content Manager
Jun 19, 2020 at 12:10 PM
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The Dow Jones Industrial Average (DJI) is up over 130 points midday, maintaining its morning momentum as investors eye positive updates in the U.S.-China trade dispute. The blue-chip index is set for a weekly win, marking its fourth in five weeks. The  S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also both comfortably above breakeven this afternoon, pacing for considerable weekly gains of their own.

Oil is enjoying a lift as well, after Iraq and Kazakhstan during an Organization for Petroleum Exporting Countries (OPEC) panel on Thursday agreed to better comply with crude production cuts. At last check, oil for July delivery is up 3.4% to trade at $40.14. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), continues to stumble as it heads toward its sixth straight loss.

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

  • The Apple supplier getting love from options bulls post-earnings. 
  • Why SunTrust Robinson considers EOG Resources a sure bet. 
  • Plus, Tencent call volume explodes; BBGI finds support at key trendline; and BYSI suffers after secondary stock offering. 

China-based media giant Tencent Music Entertainment Group (NYSE:TME) is seeing a major uptick in bullish options trading today, with an eyebrow-raising 80,000 calls across the tape so far -- 43 times what is typically seen at this point -- compared to just 1,443 puts. Call volume is running in the highest percentile of its 12-month range, with positions being opened at the extremely popular July 14 call. At last check, TME is up 7.4% at $13.81 and earlier hit a four-month high of $14.08. 

Beasley Broadcast Group, Inc. (NASDAQ:BBGI) is a top performer on the Nasdaq today, up 70.3% at $4.53 midday. The stock has been particularly volatile since posting its first-quarter report after the close last Friday, June 12, breaking north of recent pressure at the 80-day moving average. This trendline has now captured several wild pullbacks and sent BBGI surging toward an 18-month high of $5.15 earlier today. 

On the other end of the Nasdaq is underperformer BeyondSpring Inc. (NASDAQ:BYSI). The security is down 18.9% at $13.46 after offering 1.9 million ordinary shares at $13 per share -- a discount to last night's close. The plummet puts BYSI back below its 40-day moving average, which has helped support the security since late-April. 

 

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