Dow Eyes Sixth Straight Win; Net Neutrality, Disney in Focus
U.S. stocks are trading higher this afternoon, with the Dow Jones Industrial Average (DJIA) soaring to yet another fresh record high, continuing at full speed toward a fifth straight record close and sixth straight daily win. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are higher as well, with the market still digesting the plethora of economic data released earlier today, as well as yesterday's Fed rate hike. The news of Walt Disney's (DIS) purchase of Twenty-First Century Fox (FOXA) assets for $52.4 billion is still in focus, while anticipation continues to grow as the Federal Communications Commission (FCC) votes on net neutrality.
Continue reading for more on today's market, including:
2 FAANG stocks higher ahead of today's net neutrality vote.2 sportswear stocks rallying on analyst attention.Plus, TEVA's unusual options volume; the luxury jeweler gapping higher; and the shipping stock among Nasdaq's worst.
Among the stocks with unusual options volume is drug stock Teva Pharmaceutical Industries Ltd (NYSE:TEVA), with roughly 156,000 call options traded -- seven times the average intraday norm, and pacing for the highest percentile of its annual range. The March 20 and January 2018 15 calls are the most active for Teva, with more than 57,000 total contracts exchanged. At last check, TEVA was up 13% at $17.83, after the company announced plans to cut costs, including reducing its workforce by 25%.
One of the top stocks on the New York Stock Exchange (NYSE) is Tiffany & Co. (NYSE:TIF), after the luxury jeweler announced the renewal of its Luxottica license agreement and an upgrade to "buy" at Citigroup. At last check, TIF had gapped 3.3% higher, to trade at $99.35, and was fresh off a nearly three-year high of $100.80.
One of the worst performers on Nasdaq is shipping container concern Diana Containerships Inc (NASDAQ:DCIX), with the specific catalyst unclear. At last check, DCIX stock was down 8% at $4.81, despite its mid-November rally. The container stock is down a depressing 99% on the year.