The Dow Jones industrial average looked poised for its eighth straight gain in afternoon trading Tuesday, even as President Trump blasted North Korea in a speech in front of the United Nations General Assembly.
X All three major stock indexes showed gains of around 0.1% to 0.2%. Volume on the NYSE and Nasdaq was tracking close to Monday's levels. Meanwhile, the CBOE Volatility index, known as the VIX, is back near the psychologically important 10 level after hitting an intraday high of 17.28 on Aug. 11.
In the stock market today, Verizon (VZ) outperformed in the Dow, rising 2.5%. Meanwhile, shares of Apple (AAPL) rose 0.3% to 159.12 after Morgan Stanley reiterated its overweight rating and lifted its price target to 194 from 182.
The two-day Federal Reserve meeting kicked off today and a decision on interest rates will be out Wednesday at 2 p.m. ET. Janet Yellen's press conference follows at 2:30. No rate hike is expected, but the Fed is widely expected to provide more details on how it plans to starting unwinding its $4.5 trillion balance sheet.
Meanwhile, a small deal made headlines Tuesday when Post Holdings (POST) agreed to buy Bob Evans Farms (BOBE) for around $1.5 billion, or 77 a share. Shares of Post were mostly unchanged around 85.85 as it works on a flat base with an 88.07 buy point. Shares of Bob Evans Farms jumped 6% to 77.47.
Among casino operators, Melco Resorts & Entertainment (MLCO) broke out in heavy volume, helped by positive comments from Nomura Instinet, which cited a brighter outlook for gaming revenue in Macau through 2018. Shares of Melco rose 3% to 23.75. It's still in buy range from a 23.35 cup-with-handle buy point.
IBD'S TAKE: Casino operators, particularly those with a strong presence in China, are performing well. For a list of other top-performing names in Melco's industry group, consult an IBD Stock Checkup.
Inside the IBD 50, Coherent (COHR) jumped 8% early, following fiber-optic stocks higher, but gave back early gains. Shares still rose 2% to 266.94. Its latest cup-shaped base lacks symmetry but still shows a buy point of 278.49.
Other solid gainers in the IBD 50 included China Lodging (HTHT), Universal Display (OLED) and LGI Homes (LGIH), with gains ranging from 3% to 7%. China Lodging hasn't looked back after a breakout in July over an 88.18 buy point, while Universal Display is extended from a 127.88 double-bottom entry. LGI Homes is working on the right side of a cup-shaped base.
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