Nasdaq Hits New High as Stocks Struggle for Upside
Stocks are bouncing around breakeven today, as trading volumes remain muted before the Thanksgiving holiday tomorrow. However, the Nasdaq Composite (IXIC) managed to touch a fresh record high in early action. And while the Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) trade in a tight range, many investors will likely stay glued to the market to see this afternoon's release of the Fed's meeting minutes. Meanwhile, oil prices are on the rise after U.S. crude inventories fell last week, with January crude futures last seen up 1.7% at $57.78 per barrel.
Continue reading for more on today's market, including:
The Chinese stock that's more than doubled today. Analyst: Management "destroyed value" on this retail stock. Plus, put players target an outperformer; Valeant shoots higher again; and a sinking solar stock.
Among the stocks with unusual options volume is semiconductor equipment manufacturer Lam Research Corporation (NASDAQ:LRCX). Put volume of 5,455 contracts is already well above the daily average, thanks to big interest in the January 200 put. Buy-to-open activity looks likely there, as traders are expecting LRCX stock to fall below $200 in the coming months. The security was last seen trading at $216.68, up more than 100% over the past year.
One of the top stocks on the New York Stock Exchange is Valeant Pharmaceuticals Intl Inc (NYSE:VRX), which is making a huge move higher for a fourth straight day.VRX stock is up 4.1% at $21.29, pacing for its best close since July and the first above its 320-day moving average since late 2015. The next technical hurdle for the shares will be their year-to-date closing highs in the $22.50 area.
A big loser on the New York Stock Exchange is solar energy issue JinkoSolar Holding Co., Ltd. (NYSE:JKS), last seen down 4.1% at $25.81, though it's not clear what's causing the decline. The downward move has JKS stock below its 50-day moving average once again.