There are few market events to move stocks today
U.S. stocks are trading in a tight range today, as the market continues to absorb last week's huge gains. While the Nasdaq Composite (IXIC) has managed to push higher, both the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are holding just below breakeven -- potentially due to a round of profit-taking -- though all three indexes tagged record highs earlier. There's little to digest on the economic schedule outside of a number of speeches from regional Fed presidents, giving investors a chance to prepare for the kickoff of fourth-quarter earnings season later this week.
Continue reading for more on today's market, including:
- The Uber news lifting NVIDIA stock to record highs.
- 2 retail stocks hitting new highs.
- Plus, Energous stock jumps again; Albemarle gets analyst love; and Snap shares slide.
Among the stocks with unusual options volume is Energous Corp (NASDAQ:WATT), as traders react to the wireless charging expert's latest outsized move. WATT stock is trading up 13.4% at $24.91, and call volume has already surpassed the average daily volume. Most popular by far are the January 2018 25- and 30-strike calls, and anyone buying to open the positions is expecting the equity to continue its rise on the charts over the next two weeks.
One stock on the New York Stock Exchange (NYSE) to watch is Albemarle Corporation (NYSE:ALB), as shares of the chemical company gain following bullish analyst attention. ALB was last seen trading up 4% at $137.03, and calls are crossing at five times the expected pace today. Over the past year, the security is up 51.2%.
Elsewhere on the NYSE, Snap Inc (NYSE:SNAP) is again underperforming, after Jefferies downgraded the stock to "hold" from "buy" -- overshadowing a price-target increase to $18 from $17 at Credit Suisse. This comes after Cowen issued a troubling bear note last Thursday that sent the Snapchat owner spiraling.
