The S&P and Nasdaq have pulled back despite upbeat tech earnings
The Dow Jones Industrial Average (DJI) is trading lower today, as an Exxon Mobil (XOM) sell-off overshadows well-received earnings from Microsoft (MSFT) and Intel (INTC). In fact, a broader tech rally, highlighted by Amazon's (AMZN) post-earnings record high, has largely lost steam, putting the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) back near breakeven. Traders are also still digesting this morning's economic data and talk of a peace deal out of North and South Korea.
Continue reading for more on today's market, including:
- 2 market watchers saying Facebook stock is cheap.
- The buyout buzz boosting Square stock.
- Plus, Valeant call volume pops; the booming stock that's doubled in recent months; and Flex shares slide.
Valeant Pharmaceuticals Intl Inc (NYSE:VRX) is seeing unusual call activity today, with nearly 9,500 of the options traded so far, compared to just 3,300 puts. A number of strikes in the weekly 4/27 series are seeing heavy trading ahead of tonight's expiration, including the 18-strike call. VRX stock is pacing for its highest settlement since a late-February bear gap, last seen trading up 1.8% at $18.08.
One of the best performing Nasdaq stocks today is industrial issue DMC Global Inc (NASDAQ:BOOM). The shares earlier hit a nine-year high of $40.50, and were last seen up 25.8% at $39.80, as a huge surge in sales fueled a first-quarter earnings beat. BOOM stock was trading below $15 as recently as September.
Flex Ltd (NASDAQ:FLEX) is near the bottom of the Nasdaq today, after the tech solution provider's weak quarterly update and disappointing guidance was met with a round of bearish brokerage notes. The stock was last seen down 16.8% at $13.84, on pace for its worst single-day performance since Nov. 20, 2008, earlier hitting an annual low of $13.30.