Dow Bounces Back as Bond Yield Fears Abate
A stabilizing yuan has calmed some investor fears over the currency war
The Dow Jones Industrial Average (DJI) has continued its early rally, up roughly 240 points at midday, as investor anxiety over the U.S.-China currency war wanes. This relief has bond yields on the rebound, after yesterday's dramatic plummet. Elsewhere, oil prices are also on the mend, with the front-month contract up 3.3% at $52.75 per barrel. Plus, Dow component Walt Disney (DIS) is enjoying a bounce, boosted by a bull note from Credit Suisse, and Advanced Micro Devices (AMD) is leading tech stocks higher after scoring high-profile clients. Against this backdrop, the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are also higher.
Continue reading for more on today's market, including:
The streaming stock to switch on after earnings, according to analysts. Goldman Sachs: Put this blue chip on ice. Plus, options traders charge Uber ahead of earnings; CVRS surges in buyout deal; and AGS gets slammed on an earnings flop.
The options pits are running hot ahead of ride-share concern Uber Technologies Inc's (NYSE:UBER) second-quarter earnings -- slated for after the close today. So far, roughly 32,000 calls and 46,000 puts have exchanged hands, five times the average intraday volume. The weekly 8/9 36.50-strike put is by far the most popular, with contracts being sold here, while the most popular call is the weekly 8/9 45-strike contract. The stock is up 6.4% to trade at $42.24, thanks to a post-earnings halo lift from Lyft (LYFT).
Medical equipment issue Corindus Vascular Robotics Inc (NYSE:CVRS) is one of the top performing stocks on Wall Street today, amid news that Siemens Healthineers will buy the company for $1.1 billion, or $4.28 per share. The stock has shot up to four-year highs in response, and is trading up 75.4% at $4.24 -- on pace for its best day ever.
Electronic gaming manufacturer PlayAGS Inc (NYSE:AGS) is one of the worst performers today, down 53.3% at $8.15, after the company reported a wider-than-expectedloss for its second quarter, along with revenue that came in below analysts' estimates. The company also cut full-year earnings guidance. AGS stock dropped to an all-time low of $6.06 earlier, continuing its recent decline sparked by overhead pressure from its 80-day moving average.
