Dow Reverses Course After Early Record High
U.S. stocks are mixed at midday, though the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) all reached record highs earlier in the session. Netflix earnings have stolen the show today, as the well-received report provides tailwinds for the broader stock market. Comments from hedge fund legend Ray Dalio likely helped to spark a risk-on attitude, as well, after he told CNBC, "If you're holding cash, you're going to feel pretty stupid."
However, while the S&P and Nasdaq are holding modest gains, the Dow has slipped into negative territory. Dow component Travelers (TRV) is up 4.2% after well-received earnings -- but Procter & Gamble (PG) is down 2.8% after its own quarterly report, and Johnson & Johnson (JNJ) has shed 2.7% after warning of a $13.6 billion charge stemming from the new U.S. tax law.
Continue reading for more on today's market, including:
2 tech stocks soaring on strong forecasts. The Elon Musk news boosting Tesla shares. Plus, a leisure stock on call buyers' radar; a red-hot Wall Street newbie; and a biotech getting burned.
One stock seeing unusual options activity today is experiential vacation provider ILG Inc (NASDAQ:ILG). Options traders are targeting the security's March 30 call, where more than 5,000 contracts have crossed alone. On average, ILG sees just 627 calls trade per day. Trade-Alert notes that this option has seen heavy attention in recent months, with some traders likely betting on a breakout from ILG shares, which were last seen trading up 1.2% at $29.80.
One of the best Nasdaq stocks today is agricultural gene-editing specialist Calyxt Inc (NASDAQ:CLXT), last seen trading up 6.7% at $25.77. There doesn't appear to be any specific news behind the move, though the biotech group has been boosted by some multi-billion dollar M&A activity this week. CLXT shares appear to be testing another breakout from a bull flag chart pattern, which has occurred just above the 50-day moving average. CLXT only began trading publicly back in July, opening at $9.50.
