Oil prices are lower, despite Hurricane Florence en route to the Carolinas
U.S. stocks are higher at midday, with the Dow Jones Industrial Average (DJI) surging on the back of Apple's (AAPL) rebound, following yesterday's post-event pullback. A broader tech bounce and hopes for renewed trade talks with China are also pushing indexes higher, with the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) sporting gains of their own. Meanwhile, investors continue to digest this morning's tame inflation data and brace for the impact of Hurricane Florence, which is headed for the Carolinas. Nevertheless, October-dated oil futures are down 2.3% at $68.76 per barrel, at last check.
Continue reading for more on today's market, including:
- The surging weed stock blasted by option bears.
- Tesla stock pulls back on another executive departure.
- Plus, the casino stock with unusual options volume; one apparel retailer's solid earnings; and the pharma concern plunging on a major trial miss.
Sporting unusual options volume today is Caesars Entertainment Corporation (NASDAQ:CZR). The stock is higher after reports surfaced that hedge fund HG Vora is increasing its stake in the casino stock and may be pushing for an outright sale of the company. Roughly 46,000 calls -- compared to 4,600 puts -- have been traded so far, six times the average intraday pace. The December 11 call is most active, with nearly 34,000 contracts traded, most of which were likely bought to open. Caesars Entertainment stock is up 0.5% at $10.40, at last check, but down more than 17% year-to-date.
Near the top of the New York Stock Exchange (NYSE) today is apparel stock Tailored Brands Inc (NYSE:TLRD), after the company last night reported solid second-quarter earnings. The stock has gapped 19.9% higher to $28.70, pacing to close above its 120-day moving average for the first time since mid-June. However, TLRD's momentum has stalled just below $29 -- where the equity landed after a second-quarter bear gap.
At the bottom of the Nasdaq today is Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX), after the drug company's prostate cancer imaging agent missed its main goal in a late-stage trial. The stock has gapped 16.3% lower to trade at $6.10, representing a more than 35% drop from its early August high. PGNX has shed 30% over the past three months.