Dow Hits Record Highs, Surpasses Major Milestone
The Dow Jones Industrial Average (DJI) is extending this morning's gains to trade at fresh record highs -- up 300 points at last check -- with energy stocks leading the charge. While the blue-chip index clears the psychologically significant 35,000 level, the S&P 500 Index (SPX) is flat and the Nasdaq Composite (IXIC) drops triple-digits amid another Big Tech selloff. The weekend's cyberattack that led to the closure of the massive Colonial Pipeline has been on investor's minds today, as well as the upcoming finale of a mostly upbeat earnings season.
One stock on the New York Stock Exchange (NYSE) seeing a bullish options surge today is Party City Holdco Inc (NYSE: PRTY). So far, 18,000 calls have crossed the tape, 16 times volume that's typically seen at this point. The most popular contract is the May 9 call, where new positions are being opened. The equity was last seen up 12.8% to trade at $8.97, near its Feb. 8 annual high of $9.21, after the company reported better-than-expected first-quarter earnings and revenue. Before today's pop, PRTY bounced off its 160-day moving average that caught a late-April pullback.
Meanwhile, Soliton Inc (Nasdaq: SOLY) is surging to the top of the Nasdaq today, up 23.8% to trade at $22.28 at last check, after earlier hitting a new annual high of $19.65. Today's positive price action comes after news that Allergan Aesthetics, and AbbVie (ABBV) unit, will buy the company for $22.60 per share, in a deal valued at around $550 million. Year-to-date, the equity is now up an impressive 190%.
Conversely, Trade Desk Inc (Nasdaq: TTD) is leading the extensive list of poorly performing stocks on the Nasdaq today. The security was last seen down 19.3% to trade at $533.78, despite the company's upbeat first-quarter report. Trade Desk did warn of "higher uncertainty" moving forward, as well as a 10-for-1 stock split today. TTD is now trading at a seven-month low and contending with its 320-day moving average for the first time since April of 2020.