Tech stocks are leading the charge after a positive reaction to IBM earnings
The Dow Jones Industrial Average (DJI) is trading higher today, as traders brush off worries over the coronavirus outbreak, and turn their attention to fourth-quarter earnings season. A positive reaction for big-cap tech name IBM (IBM) is helping boost the Dow, while fellow blue chip Intel (INTC) is hitting new highs ahead of the chipmaker's own turn in the earnings confessional after tomorrow's close. This risk-on trading is being seen in the S&P 500 Index (SPX) and Nasdaq Composite (IXIC), too, which each hit a record intraday high earlier.
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One name seeing unusual options activity is Virgin Galactic Holdings Inc (NYSE:SPCE), as call traders take aim at the space exploration name during the stock's impressive rally. The shares are up 10.2% at $19.06 -- fresh off a record high of $19.78, and pacing for a 10th straight win -- and nearly 50,000 calls have been exchanged. The February and April 20 calls are most active, with new positions being initiated here.
One of the best stocks on the Street today is EXACT Sciences Corporation (NASDAQ:EXAS), last seen trading up 10.1% at $94.55. It's not entirely clear what's behind the price action, but this does come just over a week after EXAS dropped 13.7% due to the company's preliminary fourth-quarter results. The shares remain roughly 5 points below the 200-day moving average, which sits right near the round $100 level.
On Tuesday,
Novavax, Inc. (NASDAQ:NVAX) jumped 71% thanks to news the Food and Drug Administration (FDA) gave the company's flu vaccine "fast track" status. Today, however, NVAX stock is down 19.7% to trade at $7.89, after the company filed for a common stock offering of up to $100 million.