Dow Eyes Longest Winning Streak Since May 2018
Goldman Sachs is the best Dow stock at midday
The Dow Jones Industrial Average (DJI) is soaring at midday, with the blue-chip index headed for its sixth straight win -- a feat not accomplished since May 2018. Goldman Sachs (GS) stock is at the top of the Dow at last check, as bond yields rally on President Donald Trump's decision to not impose tariffs on Mexico. Additionally, Trump told CNBC earlier today, "The China deal is going to work out," saying Beijing is "going to have to make a deal." Tech stocks are getting in on the action, too, with the Nasdaq Composite (IXIC) on track for back-to-back triple-digit gains, set to extend its daily win streak to five alongside the S&P 500 Index (SPX).
Continue reading for more on today's market, including:
Why one analyst is targeting major downside for Molson Coors stock.The C-suite shakeup pressuring Uber Technologies stock.Plus, GameStop puts fly off the shelves; Salesforce bid boosts Tableau Software; and Beyond Meat hits another high.
GameStop Corp. (NYSE:GME) is seeing unusual options activity today, with 15,000 puts on the tape so far -- six times what's typically seen, and nearly three times the number of calls traded. GME stock is up 9.5% today at $5.50, bouncing back from last week's post-earnings bear gap on news of a modified "Dutch auction" tender offer. One options bear is betting on more downside into 2020, and likely bought to open 4,250 January 2020 5-strike puts for 83 cents apiece.
It's a busy Merger Monday on Wall Street today, and Tableau Software Inc (NYSE:DATA) is trading at the top of the New York Stock Exchange (NYSE) on M&A buzz. Specifically, DATA stock is up 34% at $167.96, after Salesforce.com (CRM) agreed to buy the cloud company in an all-stock deal valued at $15.3 billion.
Beyond Meat Inc (NASDAQ:BYND) is one of the best Nasdaq stocks so far today, though it's not entirely clear what the catalyst is for this latest surge. Whatever the reason, BYND stock is up 21.8% at $168.85, earlier tagging a new record high of $186.43. Beyond Meat went public in early May, after pricing its initial public offering (IPO) at $25 per share.
