P&G Earnings Set the Bullish Tone for Stocks
Chinese markets rallied after yesterday's steep drop
The Dow Jones Industrial Average (DJI) is moving higher into the weekend, boosted by well-received earnings reports from the likes of American Express (AXP) and Procter& Gamble (PG), with PG up 6.8% to lead the blue-chip index at midday. Investors are also breathing a sigh of relief over China, after the country's securities regulator announced new measures to prop up the faltering stock market. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also firmly higher, and all three indexes are heading toward weekly wins. Elsewhere, oil prices are climbing once more, with November-dated crude futures up 1% at $69.35 per barrel, at last check.
Continue reading for more on today's market, including:
2 streaming stocks treated to bull notes.Post-earnings price-target adjustments for PayPal stock.Plus, options bears pile on beleaguered GameStop; Skechers races higher after earnings beat; and Bernstein is bearish on Biogen.
Echoing an options trend from last month, GameStop Corp. (NYSE:GME) is seeing unusual options volume today. More than 13,000 puts are on the tape, marking five times the average intraday volume, and arriving in the 99th annual percentile. Most active is the November 14 put, where Trade-Alert suggests new positions are being purchased. GME was last seen down 2.2% at $14.74, and has shed nearly 18% in 2018.
Skechers USA Inc (NYSE:SKX) stock is up 15.7% to trade at $30.23, the best stock on the New York Stock Exchange (NYSE) today. Last night, the sneaker company reported third-quarter earnings that exceeded expectations, while raising its fourth-quarter revenue forecast. SKX shares are heading toward their best day in nearly a year, and are trading above their 100-day moving average for the first time since a mid-April bear gap.
Biogen Inc (NASDAQ:BIIB) meanwhile, is down 1.4% to trade at $325.70, after Bernstein downgraded the biotech name to "market perform," while trimming its price target to $341 from $373. The analyst in coverage believes the stock is relatively unlikely to outperform until the first quarter of 2020, when successful Alzheimer's drug trials could be a bullish driver. BIIB is heading toward its third straight weekly loss, and is holding just about 2% above its year-to-date breakeven level.