Bank Stocks Help Pare Early Morning Losses
The Dow is down 100 points midday
The Dow Jones Industrial Average (DJI) is down 100 points at midday, but has managed to pare some of this morning's steeper losses thanks to outperforming bank stocks. Dismal jobs data piled on for the ninth week straight, however, sending the S&P 500 Index (SPX) and Nasdaq Composite (ICIX) into the red as well. Also weighing heavy has been increased worry that a second wave of coronavirus is looming, as states begin to reopen.
Continue reading for more on today's market, including:
What past trends say about this REIT stock.Behind Spice stock's fresh bull note. Plus, the tech company seeing a surge in call options; FUTU gets a boost; and Arvinas stock slides amid testing reports.
One stock seeing unusual options activity today is Cisco Systems Inc (NASDAQ:CSCO), up 5.1% at $44.09 at last check. The tech name has seen 134,000 calls cross the tape so far -- seven times what's typically seen. Most popular are the May 44- and 45-strike calls. This rise in options comes after a fiscal third-quarter beat, after which came no fewer than six price-target hikes, the highest from Wells Fargo, to $55, and one price-target cut at UBS, to $51. Though today's pop has the equity up 6.7% for the week, it looks to have met resistance at the 160-day moving average.
Scaling the Nasdaq today is Futu Holdings Ltd (NASDAQ:FUTU) up 9.4% at $13.44 at last check. This rise comes after the company reported an earnings and revenue beat for the second quarter in a row. Following today's surge the equity has now climbed to a notable 30.4% year-to-date.
On the flip side, near the bottom of the Nasdaq is Arvinas Inc (NASDAQ:ARVN), down 16.3% at 42.57 at last check. This drop comes after the company announced updated data on its phase 1 study of ARV-110 in patients with refractory prostate cancer. The equity has shed 21.8% in the last week, but remains up 7% year-to-date, with the 160-day moving average ripe to capture today's pullback.
