Stocks Hold Gains as Tech Sector Leads
Tech's performance has the Nasdaq rallying
Stocks are holding positive territory in midday trading following this morning's impressive jobs report. In fact, the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) are all comfortably higher. While the tech sector is leading the way, energy stocks are also showing strength. However, the major indexes would need to extend their leads to overcome their weekly losses, with the Dow currently set to post back-to-back weekly declines.
Continue reading for more on today's market, including:
Post-earnings pullback could be a time to buy Planet Fitness. Why analysts keep pummeling this health insurer. Plus, option bulls see huge Chegg comeback; OLED keeps rallying; and a major tech loser.
One name seeing unusual options trading today is education expert Chegg Inc (NYSE:CHGG). The shares are trading up 4.7% today at $37.57, as they try to recover from this week's earnings sell-off, which was seemingly contained by the $34-$36 area, the site of a February bull gap. Options traders are expressing extreme confidence by buying to open the January 2020 60-strike calls, betting CHGG stock can rally 60% in the months ahead.
One of the best stocks today is Universal Display Corporation (NASDAQ:OLED), with the shares last seen up 16.6% at $182.60. OLED's earnings report is bringing buyers to the table, and the equity earlier hit a 52-week high of $190. The tech concern is now up 95% in 2019.
Meanwhile, Cognizant Technology Solutions Corp (NASDAQ:CTSH) is one of the worst performers on the Nasdaq, down 13% at $57.93. A number of bear notes have pounded CTSH to fresh annual lows, earlier bottoming at $57.70, as Wall Street responds to the company's wholly awful quarter.