Oil's Rise Results in Risk-Off Trading
Oil prices keep grinding higher after this weekend's events in Saudi Arabia
The Dow Jones Industrial Average (DJI) is lower today, as investors try to gauge the impact of a sharp spike in oil prices on stocks. October crude futures were last seen adding to their recent strength, up 11.6% at $61.20 per barrel in response to the Saudi Arabia attacks. So while energy stocks are making huge moves higher, the rest of the market is struggling, with the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) joining the Dow in negative territory -- threatening the blue-chip index's eight-day win streak.
Continue reading for more on today's market, including:
Why an analyst says to buy Uber and Lyft stocks. GM stock is down during the worker strike fallout. Plus, huge call activity on DISH stock; and 2 healthcare stocks making huge moves.
One name seeing notable options trading is DISH Network Corp (NASDAQ:DISH). The stock is snapping back after three straight down days, last seen trading 2.3% higher at $35.98, and more than 26,000 calls have crossed already -- compared to a daily average volume of just 1,402. Most of the action has been driven by the weekly 9/27 36-strike call, where more than 21,100 contracts have traded.
Alder Biopharmaceuticals Inc (NASDAQ:ALDR) is one of the best stocks on the Street today thanks to a $2 billion buyout offer from Denmark-based Lundbeck. The shares were last seen up 83.2% at $18.43, running to fresh 52-week highs in the process. This comes just days after ALDR stock touched an all-time low of $8.39.
On the flip side, Aimmune Therapeutics Inc (NASDAQ:AIMT) is volatile again, last seen down 6.7% at $23.09, after earlier trading sharply higher. The up-and-down price action comes after a Food and Administration (FDA) panel recommended approving the company's peanut allergy drug. AIMT shares are still down 17.5% year-over-year.