Stocks Climbing Ahead of State of the Union
The Nasdaq is higher despite a down day from Alphabet (GOOGL)
The Dow Jones Industrial Average (DJI) is confidently higher at midday, up triple digits thanks to a fresh batch of upbeat corporate earnings.The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are firmly in the black, too, with the latter shaking off rising cost concerns from Google parent Alphabet (GOOGL). Investors are also gearing up for President Donald Trump's latest State of the Union speech, which will air at 9 p.m. ET tonight.
Continue reading for more on today's market, including:
The Dow stock named a top pick by BofA-Merrill Lynch.Estee Lauder is a big earnings winner today.Plus, options bulls target renewed Fitbit rally; Ralph Lauren toasts blowout earnings; and Archer Daniels Midland reports rare quarterly miss.
There's notable options activity around surrounding Fitbit Inc (NYSE:FIT). Approximately 24,000 calls have changed hands -- 10 times the average intraday pace. Most of the action is transpiring at the April 7 call, but new positions are also being opened at the weekly 3/1 6.50-strike call. FIT was up 4.5% to trade at $6.40, at last check, and has gained 30% so far in 2019.
Ralph Lauren Corp (NYSE:RL) is one of the best stocks on the S&P today, after the retailer reported stronger-than-expected fiscal third-quarter earnings. RL shares are up 10.9% at $128.46, at last check, and on track to topple their 200-day moving average for the first time since November.
On the other end of the spectrum is Archer Daniels Midland Co (NYSE:ADM), down 5% to trade at $32.26, after thecompany reported a fourth-quarter earnings miss -- its first in five quarters. ADM fell to an annual low of $39.16 on Dec. 26, and the subsequent rally last month was met with stiff resistance at its 80-day moving average.