Dow Edges Higher Despite Tech Weakness
Stocks are attempting to recover some of Friday's steep losses
U.S. stocks are cautiously higher at midday. Trade-sensitive Caterpillar (CAT) is the top stock on theDow Jones Industrial Average (DJI), as Wall Street awaits news from the latest round of U.S.-China trade talks. Speculators are also optimistic after Robert Mueller found no evidence that President Donald Trump colluded with Russia. On the other hand, Apple (AAPL) is lower ahead of a highly anticipatedstreaming event this afternoon. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also slightly higher, attempting to recover from Friday's recession fears that triggered a sell-off. Meanwhile, former Fed Chair Janet Yellen weighed in on the inverted yield curve, saying she doesn't see it as a sign of recession.
Continue reading for more on today's market, including:
Cloud stock sinking on a rare downgrade.Analyst: This biopharma stock is "underappreciated."Plus, TROX attracts option bulls; and 2 stocks at the top and bottom of the NYSE.
Specialty chemical name Tronox Ltd (NYSE:TROX) is sporting unusual callvolume today, with just over 5,300 calls on the tape so far -- seven times the average intraday amount. The April 14 and May 14 calls account for nearly all of today's activity, and it looks like a position has been rolledfrom the April series to May. TROX has been moving higher since its early December lows, last seen up 2.8% at $12.68, after the Federal Trade Commission (FTC) withdrew the Tronox-Cristal transaction from adjudication.
Chinese education name New Oriental Education & Technology Group (NYSE:EDU) is one of the top stocks on the New York Stock Exchange (NYSE), after Morgan Stanley upgraded EDU to "overweight" from "equal weight" and hiked its price target to $95 from $65. Last seen up 4.9% at $83.37, today's bull note doesn't come as much of a surprise for the shares, as more than 50% of following analysts offer up "strong buy" recommendations. EDU is up more than 50% year-to-date, and is now testing its 40-day moving average -- a formerline of resistance for the shares.
Oil concern Key Energy Services Inc (NYSE:KEG) is in the bottom spot on the NYSE, though the catalyst is unclear. Key Energy Services shares are down 11.3% at last check, to trade at $4.25. KEG has pulled back from its recent three-month peak, touched March 15, though its remains up 131% year-to-date.