Stocks Higher Ahead of Fed Minutes – Schaeffers Research (press release)

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U.S. stocks are trading higher at midday, with the Dow Jones Industrial Average (DJI) enjoying a triple-digit lead to trade back above the 25,000 mark. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also seeing healthy gains today, as tech and financial stocks outperform. Traders are seemingly shrugging off a steeper-than-expected drop in existing-home sales in January, and are awaiting the afternoon release of the latest Fed meeting minutes, which could offer clues about inflation and future rate hikes.

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

  • Analyst: Buy this FAANG stock with the “best growth story.”
  • This drug stock could enjoy a short squeeze.
  • Plus, GRMN’s unusual options volume; the soaring car parts stock; and Nasdaq’s biggest loser.

Among the stocks with unusual options volume today is GPS concern Garmin Ltd. (NASDAQ:GRMN), with more than 4,200 calls traded — 10 times what’s typically seen at this point in the day. Most of today’s action is attributable to post-earnings activity at the April 65 call. At last check, GRMN stock was down 5% at $61.50, testing its 80-day moving average.

One of the top performers on the New York Stock Exchange today is automotive parts manuafacturer Advance Auto Parts, Inc. (NYSE:AAP). The shares of AAP are soaring after the company reported better-than-expected fourth-quarter earnings. At last check, Advance Auto Parts stock had jumped 12% to trade at $118.33.

The worst performer on the Nasdaq today is tile seller Tile Shop Holdings, Inc.(NASDAQ:TTS), after the company reported a weaker-than-expected quarterly sales. At last check, the shares of TTS were down 28% at $6.12, and just off a new record low of $5.80.

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