Stocks Push Higher on Trade Hopes
Trump gave positive comments about a trade deal with China
Following a brief move into negative territory, the Dow Jones Industrial Average (DJI) is up more than 100 points at midday. Stocks are gaining after President Donald Trump told reporters that a China deal could come sooner than people think, helping the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) rise as well, with the tech and retail sectors leading the way -- the latter getting an extra boost from Nike's (NKE) earnings surge. Meanwhile, traders are also keeping an eye on Washington, D.C., for any new headlines concerning the impeachment inquiry into President Trump.
Continue reading for more on today's market, including:
Options traders react to Philip Morris-Altria merger update. Gaming stock trying to break a huge losing streak. Plus, Pinterest put volume picks up; Medicines Company makes another huge move; and a chip stock slides.
One name seeing unusual options volume today is Pinterest Inc (NYSE:PINS). More than 7,100 puts have already traded, compared to a daily average of just 4,873. Leading the action is the October 27 put, where new positions are opening, while traders are also targeting the weekly 10/25 29-strike put. Those buying the contracts are expecting PINS shares to slide further on the charts. They were last seen trading at $27.11.
The Medicines Company (NASDAQ:MDCO) is again one of the best stocks on the Street, trading up another 9.1% at $51.44, already hitting a two-year high of $51.93. This comes after the company's experimental treatment to lower bad cholesterol met its goals in a late-stage study. MDCO stock is now up 169% year-to-date.
One stock making a big move lower is Ultra Clean Holdings Inc (NASDAQ:UCTT). The shares of the semiconductor equipment producer have fallen 7.5% to $14.85, sinking after Cowen cut its rating to "market perform" from "outperform" and lowered its price target to $18 from $20. Even with the losses, UCTT is up 75% in 2019, and seemingly found support at the 20-day moving average.
