Netflix Stock Surge Sparks Broad-Market Tailwinds
NFLX shares are trading near record highs
Stocks are extending their gains at midday thanks to an upbeat round of corporate earnings -- led by a huge rally in Netflix (NFLX) shares -- and stronger-than-expected March housing starts and industrial production. The Dow Jones Industrial Average (DJI) is trading up more than 250 points, and is on pace for its highest settlement in about a month -- as are the S&P 500 Index (SPX) and Nasdaq Composite (IXIC). Amid the risk-on backdrop, the Cboe Volatility Index (VIX) is falling, with the "fear gauge" set for a sixth straight loss.
Continue reading for more on today's market, including:
Founder and CEO Bernie Schaeffer issues a word of caution to the bulls that have gone all-in on this energy ETF. 2 reasons Roku stock is rallying today. Plus, speculators swarm WATT stock; a soaring gene-editing stock; and why GW Pharmaceuticals is jumping higher.
One name seeing unusual options activityis Energous Corp (NASDAQ:WATT), with calls and puts both trading well above the expected pace. The April 20 call and put are the two most popular options, as traders take sides before front-month expiration this Friday. The April 25 call could also be seeing buy-to-open activity, which would indicate expectations that shares of the wireless charging specialist will rally above $25 this week. The stock's most recent rally attempt stalled out just below the $24 mark, with the shares last seen trading down 0.9% at $19.81.
One of the top performers on the Nasdaq is agricultural gene-editing specialist Calyxt Inc (NASDAQ:CLXT), after Jefferies said the market is underpricing the value of the company's existing pipeline. CLXT stock was last seen trading up 20.4% at $17.31, taking out the 20-day moving average and the $16 level. This latter price point is half the security's all-time high near $32 from October.
