Dow Hits New High as Boeing Jumps
The Nasdaq hit a new high earlier, too
The Dow Jones Industrial Average (DJI) hit a new record high earlier, as trade-sensitive stock Boeing (BA) climbs on positive headlines surrounding U.S-China tariff negotiations and news CEO Dennis Muilenburg said he would decline bonuses for this year. The Nasdaq Composite (IXIC) is fresh off an all-time peak, too, with both indexes eyeing a third straight win. Meanwhile, the S&P 500 Index (SPX) was last seen modestly lower, retreating from Monday's new milestone.
Continue reading for more on today's market, including:
Analyst targets major upside for this FAANG stock.Founder and CEO Bernie Schaeffer unveils the ETF Dow theorists should watch this month.Plus, Shake Shack options volume spikes during post-earnings slump; a booming biotech; and the gold stock near the bottom of the S&P.
One name seeing notable options trading today is Shake Shack Inc (NYSE:SHAK), as the shares stage a dramatic post-earnings sell-off. At last check, roughly 24,000 SHAK options have traded, 16 times what's typically seen, and volume pacing in the 100th annual percentile. With Shake Shack stock down 30% at $67.36, it looks like some speculators are liquidating their weekly 11/8 70-strike puts, while others are initiating new positions at the weekly 11/8 75-strike call.
Regeneron Pharmaceuticals Inc (NASDAQ:REGN) is one of the best stocks on the S&P 500 Index (SPX) today, up 8.9% at $338.81. The biotech announced a third-quarter profit beat, thanks to bigger demand for its eye drug, Eylea, and eczema treatment, Dupixent. REGN stock has now pared its year-to-date deficit to 10.4%, and is poised to close above its 180-day moving average for the first time since mid-April.
Newmont Goldcorp Corp (NYSE:NEM) is trading near the bottom of the S&P today, down 4.8% at $36.98. This is in reaction to the mining firm's lower-than-anticipated adjusted third-quarter earnings and revenue, as well as its downwardly revised annual output target. NEM stock has been retreating from its late-August three-year high of $29.77, and is now trading below its 120-day moving average for the first time since May.