2 Stocks Hitting New Highs Today

PayPal and Control4 stocks set new highs today

Managing Editor
Jul 12, 2017 at 2:45 PM
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U.S. stocks are higher this afternoon, as Fed Chair Janet Yellen's remarks send markets to new highs. Digital payments platform PayPal Holdings Inc (NASDAQ:PYPL) and smart home name Control4 Corp (NASDAQ: CTRL) are both enjoying breakout days. Here's a quick look at what's moving shares of PYPL and CTRL.

Apple Deal Sends PayPal Soaring

Paypal stock is up 4% to trade at $56.98 -- just off an earlier record high of $57.45 -- after the payment platform announced its application was now available for all users in the Apple Store. The deal eliminates some competitive concerns for PYPL stock, which is now up 44% year-to-date. 

In the options pits, PYPL traders are flocking to calls. PYPL's intraday option volume is quadrupling the average intraday pace, with over 33,000 calls and 9,100 calls traded. There is particular interest in the weekly 7/28 56-strike call and the July 50 call, with roughly 3,400 and 2,500 contracts traded, respectively.

Control4 Stock Breaks Out Above Congestion

Control4 stock is up 10% to trade at $22.56, having set a new three-year high of $22.91 earlier today. The shares appear to be catching a boost from Cohu, Inc. (NASDAQ:COHU), which is in rally mode after announcing well-received preliminary second-quarter results.

It's been an outstanding year for CTRL, which has more than doubled in value on a year-to-date basis. CTRL shares started slow in 2017, but since a bull gap in early February, the stock has climbed along support from its 40-day moving average. The security is now comfortably north of this trendline, and on pace for a close above the $21 level, which has capped CTRL's progress in recent weeks.

Despite the solid technicals, analysts have yet to fully endorse CTRL. Of the eight brokerages covering the stock, five rate it a "hold." Upgrades could push the stock even higher down the road.

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