Nasdaq Hits Record High as Intel, FAANG Stocks Soar – Schaeffers Research (press release)

The Dow Jones Industrial Average (DJI) jumped triple digits out of the gate, and hasn’t looked back. Boosting the blue-chip index is this morning’s blowout jobs report, while a modest rise in wage growth is helping to temporarily ease inflation fears. Traders are also cheering a planned meeting between U.S. and North Korean leaders. Intel (INTC) is the best Dow stock at midday, and the big surge for the tech shares — as well as a rally in FAANG stocks — has the Nasdaq Composite (IXIC) fresh off a record high, and on track for a sixth straight win, its longest daily win streak since the start of the year. Not to be outdone, the S&P 500 Index (SPX) is also surging, with all three benchmarks set to close out the nine-year anniversary of this bull market with significant weekly gains.

Continue reading for more on today’s market, including:

  • The retail stock headed for its worst week in years.
  • Sale speculation has this energy stock higher today.
  • Plus, options bulls blitz Zynga; the tech stock at new highs after earnings; and the blockchain stock up another 50%.

Among the list of stocks with unusual options volume today is Zynga Inc (NASDAQ:ZNGA), with more than 18,200 calls on the tape — 11 times what’s typically seen — compared to just 450 puts. Nearly all of the action is centered at the September 4.50 call, where it looks like new positions are being purchased. ZNGA stock hasn’t traded north of $4.50 since April 2014, but has been trending higher since announcing strong bookings last month. Today, the shares are up 1.1% at $3.75.

One name making a notable move on the charts today is Marvell Technology Group Ltd. (NASDAQ:MRVL), after the integrated circuit specialist’s fourth-quarter earnings beat was met with a round of price-target hikes. MRVL stock was last seen up 2% at $24.80 — fresh off an 11-year high of $25.18 — and one options trader appears to be selling to open May 22 puts to bet on a short-term floor for the shares. The $22 mark coincides with Marvell’s 20-week moving average.

ShiftPixy Inc (NASDAQ:PIXY) is once again at the top of the Nasdaq, after the workforce management company unveiled its fintech platform and said it will never use its blockchain technology in any cryptocurrency transaction. PIXY stock is up 55% at $5.89, bringing its week-to-date advance to 127%.

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