All three major indexes are on the rise
Stocks are on the rise midday as Wall Street tries to build off its strong start to the week. The Nasdaq Composite (IXIC) is continuing to rally thanks to chip stocks, last seen up 107 points. Should these gains hold, this would mark a sixth-consecutive gain and longest daily win streak since August for the index. The S&P 500 Index (SPX) and Dow Jones Industrial Average (DJI) are seeing more volatility today, though both are quietly higher at last glance.
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Options bulls are blasting Super Micro Computer Inc (NASDAQ:SMCI), as the stock extends yesterday's 16% gain, up 16.9% at $45.46 at last glance. So far, 809,000 calls and 215,000 puts have been exchanged, which is 5 times the average options volume SMCI typically sees in a session. The May 50 call is the most popular, with new positions being opened there. For potential reasons behind the surge, SMCI is closely linked to Nvidia's (NVDA) server products and artificial intelligence (AI) as a whole. The firm also received a brand-new "outperform" rating from Raymond James on Tuesday. On the charts, the stock is now firmly above former resistance at the 180-day moving average.
Publicly traded since October, Everus Construction Group Inc (NYSE:ECG) is headed for its highest single-day percentage gain ever. The stock was last seen up 21.3% at $62.37, after the company's first-quarter earnings results, which showed substantial growth amid data center construction and other high-tech infrastructure projects. Now trading at its highest level since mid February, ECG is down 5.5% year-to-date.
Meanwhile, biotech stock Grail Inc (NASDAQ:GRAL) is down 20.5% at $34.10, despite narrower-than-expected first-quarter losses per share, after a revenue miss. Still, Canaccord Genuity raised its price target to $43 from $32. Year to date, the equity is still up 91.5%.