Dow Up 300 Points on Earnings; Fed Statement Ahead
Wall Street is still soaring on positive earnings reports from Boeing and Apple
The Dow Jones Industrial Average (DJI) is still skyrocketing on this morning's Apple (AAPL) and Boeing (BA) earnings wins, up more than 300 points. Looking ahead,Facebook (FB) and Microsoft (MSFT) are among the notables reporting after the bell -- both of which are up at midday. Meanwhile, ahead of Friday's January jobs report, ADP said the private sector added more jobs than expected last month.
Ahead of the Fed's latest policy update -- expected at 2 p.m. ET -- Wall Street anticipates rates to be held steady, but will digest the statement and Fed Chair Jerome Powell's press conference for clues to the central bank's balance sheet plans. Plus, traders are keeping an eye on Washington, D.C., where high-level trade talks between the U.S. and China are taking place ahead of the March 1 deadline. Against this backdrop, the S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) are both higher midday.
Continue reading for more on today's market, including:
The tech stock troubled by a rare sales miss. Goldman: Grab this gaming stock before earnings.Plus, options bulls up the ante ahead of Viacom earnings; CODX more than doubles; and the drug stock down 65% today.
Viacom Inc (NASDAQ:VIAB) is seeing notable options activity today. About 13,000 calls have changed hands so far, roughly 20 times the average intraday pace. For comparison, fewer than 600 VIAB puts have traded thus far. The weekly 2/22 28.50-strike call is by far the most popular -- with data from Trade-Alert suggesting that several speculators are betting on more upside following next week's earnings release. At last check, VIAB is lower 1.6% at $28.39.
Co-Diagnostics Inc (NASDAQ:CODX) is far and away the best stock on the Nasdaq today, after the company announced that it has erased its debt on the sale of $3 million in preferred shares convertible to common stock. CODX stock earlier nearly tripled, peaking at $3.77, and is headed for its biggest one-day gain ever. At last check, the stock is up 187.5% at $3.21.
AC Immune SA (NASDAQ:ACIU) is the worst stock on the Nasdaq today, after the company and Roche announced plans to halt their Alzheimer's drug trial. The biotech concern is now pacing for its worst day ever, and earlier touched a record low of $3.25, breaching recent support at $8. The stock is down 65.5% at $3.70, at last check.
