SPX Hits Another Record High as Apple Reaches Major Milestone

Apple stock reached a market cap of $2 trillion

Deputy Editor
Aug 19, 2020 at 12:01 PM
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The S&P 500 Index (SPX) is tentatively in the black midday, climbing to another record high as Target (TGT) outperformed following stellar earnings and a rise in comparable-store sales. Meanwhile, the Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are also making gains after Apple (AAPL) became the first U.S.-traded company to reach a market cap of $2 trillion. Elsewhere, though coronavirus cases appear to be decreasing, investor sentiment is cautious surrounding the start of the school year. 

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

  • Nike stock climbs to new highs after analyst upgrade. 
  • Grocery giant "buy" signal flashing. 
  • Plus, TJX sees options surge after quarterly report; MNTA soars on billion-dollar deal; and the pharmaceutical stock plummeting on an FDA decision. 

mmc stats august 19

One stock seeing notable activity in its options pits is TJX Companies Inc (NYSE:TJX), down 7.6% at $53.06 at last check, after the company reported a wider-than-expected second-quarter loss and higher-than-anticipated revenue. So far, 20,000 calls and 12,000 puts have crossed the tape -- 11 times what's typically seen at this point. Most popular is the Sept. 62.50-strike call. TJX is still holding onto a 2.4% gain in the last monthly period, with the 80-day moving average swooping in to catch today's pullback. 

TJX mmc August 19

Soaring to the top of the Nasdaq today is Momenta Pharmaceuticals Inc (NASDAQ:MNTA), last seen up 69.3% at $52.18. MNTA is roaring past its former record high, after news that Johnson & Johnson (JNJ) plans to buy the company for $6.5 billion in cash. Year-to-date, the stock is up an impressive 164.4%. 

On the opposite end of the Nasdaq is another pharma stock, BioMarin Pharmaceutical Inc (NASDAQ:BMRN), which is set for its worst day in 11 years -- down 40% at $80.63 at last check. Today's drop comes after the Food and Drug Administration (FDA) failed to approve the company's bleeding disorder treatment. Evercore ISI subsequently downgraded the stock to "in-line" from "outperform," with a price-target cut to $80 from $140, while Piper Sandler cut its price target to $123 from $133. Year-to-date, the equity is down 6.3%. 




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