Dow Up Triple Digits on Trade Optimism
Wall Street is optimistic that an agreement between the U.S. and China is near
The Dow Jones Industrial Average (DJI) has tacked on more than 140 points at midday, with all eyes on trade talks between the U.S. and China. President Donald Trump is meeting with Chinese Vice Premier Liu He today, and reports indicate he will announce the date of trade talks with Chinese President Xi Jinping this afternoon. However, while the Dow is eyeing its highest close since October, the S&P 500 Index (SPX) is sticking close to breakeven, and theNasdaq Composite (IXIC) is in the red, dampened by Tesla's (TSLA) disappointing first-quarter Model 3 deliveries.
Continue reading for more on today's market, including:
FDA seizure warning can't knock down this tobacco giant. 3 FAANG stocks one analyst loves right now. Plus, Lyft options debut; Recro Pharma rallies; and Office Depot shares slide.
Ride-share concern Lyft Inc (NASDAQ:LYFT) began trading options today. So far, the equity has seen about 12,000 calls change hands, compared to just over 5,000 puts. Most active is the May 100 call, where more than 5,500 contracts have traded. The option has seen a mix of buyer- and seller-driven activity, with buyers expecting the Wall Street freshman to topple $100 by May options expiration, and sellers expecting a century-mark ceiling for LYFT. At last check, the equity has added 3.1% to trade at $72.17 -- back above its initial public offering (IPO) price.
Specialty pharmaceutical concern Recro Pharma Inc (NASDAQ:REPH) is one of the best performers on the Nasdaq, after cutting 50 jobs in order to cut costs, and lifting its 2019 revenue forecast. The stock is up 20.2% at $7.83 in response. REPH has a ways to go before filling its March 25 bear gap, but is attempting to close atop its 20-day moving average for the first time since then.
Office supply chain Office Depot Inc (NASDAQ:ODP) is near the bottom of the Nasdaq today, after issuing a disappointing first-quarter forecast, due in part to weak performance from its CompuCom IT services unit. The security is pacing for its worst day since August 2017, down 20.6% at $2.99.