Dow, SPX Inch Higher; Nasdaq Rebounds
U.S. stocks are trading higher this afternoon, thanks to a much-needed rebound from tech stocks, and a slew of positive earnings data. While the Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) are just above breakeven,the Nasdaq Composite (IXIC) is outperforming, attempting to bounce back from its steep two-day losing streak. Microsoft (MSFT) is currently leading the advancing Dow stocks, but the shares of Walt Disney (DIS) are sharply lower on reports that a deal to buy Twenty-First Century Fox (FOXA) could be announced next week.
Continue reading for more on today's market, including:
Analyst: Buy this red-hot pharma stock.McDonald's gets a Dollar Menu lift.Plus,unusual options volume in the chip sector; SNAP gets a Barclays boost; and EMCORE falls on earnings.
Among the stocks with unusual call options volume is Micron Technology, Inc. (NASDAQ:MU), with roughly 120,000 call options traded -- two times the average intraday norm, and on pace for the 98th percentile of its annual range. The weekly 12/8 42-strike call is among the most popular. At last check, MU stock was up 4% at $41.41 -- set to snap a four-day losing streak -- but is still more than 16% off its Nov. 22 17-year high.
One of the top performers on the New York Stock Exchange is SNAP, Inc. (NYSE:SNAP), after Barclays upgraded the Snapchat parent to "overweight" from "equal weight," and hiked its price target to $18 from $11. SNAP stock was last seen 9.2% higher at $14.82 -- a significant improvement from its Aug. 14 record low, but well off its March initial public offering (IPO) price of $17.
Meanwhile, one of the worst Nasdaqstocks is communications and networking service EMCORE Corporation (NASDAQ:EMKR), after the firm reported fiscal fourth-quarter earnings that missed estimates. EMKR stock was last seen 17% lower at $6.12, and just off an annual low of $6. The shares have now surrendered more than 40% in the past six months, led lower beneath their 30-day moving average.
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