The U.S. stock market is soaring to all-time highs again thanks to growing tax reform optimism. Among the names making big moves are financial services provider Longfin Corp (NASDAQ:LFIN), Chinese e-tailer JD.com Inc (NASDAQ:JD), and drug stock Valeant Pharmaceuticals International, Inc. (NYSE:VRX). Here's a quick look at what's moving shares of LFIN, JD, and VRX.
Longfin stock is atop the Nasdaq once again, with the shares soaring an amazing 262.6% to trade at $81.12, earlier peaking at an all-time best of $142.82. The equity, which earlier was halted for volatility, continues to attract interest after the company last week purchased blockchain-powered Ziddu.com. Obviously, it's been an amazing run for anyone who bought the stock when it began trading last week at $6.65. Given LFIN's current perch, that's an increase of 1,120%.
Shares of JD.com are trading 3.3% higher at $41.67, thanks to news of a joint investment with Tencent in online retailer Vipshop (VIPS). JD.com on its own is investing $259 million to bring its stake to 5.5%. Turning to the charts, JD stock is up 63% over the past year, but the technical picture has become much murkier in recent months. Specifically, the shares have been stuck in a series of lower highs and lows since their August record high of $48.99, and are now struggling against the $42 level.
Options traders appear to be betting on more upside, though. This is according to data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which shows a 10-day call/put volume ratio of 6.15. In other words, more than six calls have been bought to open for every put in the last 10 days.
Valeant stock has popped 8.9% to trade at $21.46, thanks to news its subsidiary Bausch & Lomb has begun distributing its eye treatment, Vyzulta, to U.S. wholesalers. The price action puts VRX shares back near last week's annual high of $22.81. Year-to-date, the drug concern has added 47%.
Meanwhile, there was another sharp drop in short interest over the past two reporting periods, with these bearish bets declining by 29.1%. Still, 10.4% of Valeant Pharmaceuticals' float is dedicated to short interest, so it would appear there's room for this short-covering trend to continue.