Dow Jones Industrial Average Cautiously Higher Amid Comey Testimony
The Dow Jones Industrial Average (DJIA) has traded on both sides of breakeven today, with all eyes on thetestimony of fired FBI director James Comey. So far, Mr. Comey has stopped short of accusing President Donald Trump of obstructing justice, saying that's up to special counsel Robert Mueller to decide. However, Mr. Comey did confirm President Trump asked him to drop the investigation into former national security adviser Michael Flynn, saying, "Lordy, I hope there are tapes" of the conversations, alluding to a recent tweet from Trump. Elsewhere, traders also continue to consider this morning's European Central Bank (ECB) decision, and are keeping tabs on a general election in the U.K. Despite the choppy trade and political uncertainty, the Nasdaq Composite (COMP) managed to hit another record high, while the S&P 500 Index (SPX) was last seen fractionally higher.
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Among the stocks with unusual options volume today is payment processor VeriFone Systems Inc (NYSE:PAY), as the company prepares to report earnings after the close today. At last check, PAY call options were trading at 17 times the expected pace, thanks huge action at the June 18, 19, and 20 calls.PAY stock has a history of big post-earnings moves, including a nearly 25% drop in the session after last June's report. VeriFone stock was last seen up 2.5% at $18.39.
One of the topperformers on the New York Stock Exchange today is Chinese internet issue Alibaba Group Holding Ltd (NYSE:BABA), as a blowout revenue forecast pushes the shares up 10% to trade at $138.32. In fact, BABA stock earlier hit a record high of $142.85, and is now up78% year-over-year.
Over on the Nasdaq, surgical robot maker Mazor Robotics Ltd - ADR (NASDAQ:MZOR) is underperforming, amid news authorities searched the company's offices in Israel. The shares were last seen 9.9% at $33.66, on pace for their lowest close since April 24. Still, MZOR stock remains up more than 100% over the past year.