Tech and industrial stocks are leading the charge
With bond yields stabilizing and a surge in tech and industrial stocks, the major market indexes are trading higher at midday. The Dow Jones Industrial Average (DJI) is up more than 200 points, despite a bad day for General Electric (GE) stock. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also in the black, as traders shake off a second straight drop in monthly new home sales. Looking ahead, a pair of Fed speeches will be in focus ahead of new Fed Chair Jerome Powell's Congressional testimony later this week.
Continue reading for more on today's market, including:
- Analyst: This Dow stock could soar another 25%.
- The toy stock on pace for its worst day since October.
- Plus, General Mills' unusual options volume; the drug stock on fire; and a dismal earnings reaction for Dean Foods.
Among the list of stocks with unusual options volume today is food manufacturing concern General Mills, Inc. (NYSE:GIS), with more than 14,000 call contracts traded -- 11 times what's typically seen at this point in the day. Most of the action is attributable to a block of 10,000 contracts at the October 55 call. At last check, GIS stock was 2.2% lower to trade at $51.80, extending last week's losses related to the company's planned buyout of Blue Buffalo (BUFF).
One of the top performers on the Nasdaq today is drugmaker Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN). Shares of ACHN are higher after the company received a positive opinion for orphan drug status by a European Medicines Agency (EMA) panel for its C3G drug. In response, the stock had gapped 10% higher to trade at $3.28, at last check.
One of the worst performers on the New York Stock Exchange today is Dean Foods Co (NYSE:DF), after the company issued lackluster earnings and guidance. At last check, DF stock was down 13.3% at $8.78, and just off a seven-year low of $8.32.
