Dow Falls Into Correction Territory
The Dow is down over 650 points midday
The Dow Jones Industrial Average (DJI) has sold-off into correction territory, down over 650 points midday, dragged lower in part by Disney (DIS) which is reeling from CEO Bob Iger's resignation announcement yesterday. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also deep in the red at the midway mark. Meanwhile the 10-year Treasury yield just slid to a new all-time low as investors fear that the spreading coronavirus will send the global economy into a recession.
Continue reading for more on today's market, including:
Zoom Video Communications Inc (NASDAQ:ZM) is seeing an uptick in bullish activity in the options pits, with 31,000 calls across the tape so far -- three times the intraday average -- compared to 5,593 puts. Most popular is the weekly 2/28 series, specifically the 115-, 110-, and 120-strike calls. ZM raced to an all-time high of $117.55 earlier today, and is now up 7.1% to trade at $114.06.
Biotech concern Co-Diagnostics Inc (NASDAQ:CODX) is one of the best performers on the Nasdaq today, up 109.2% at $18.55 after announcing a $4.2 million registered direct offering. The company has entered into definitive agreements with institutional investors to buy 470,000 shares of its common stock at $9 per share. This puts CODX at its highest level on record. For the week, the equity boasts an eyebrow-raising 480.3% gain.
One of the worst stocks on the Nasdaq is software name Digimarc Corp (NASDAQ:DMRC) after the company announced losses of 73 cents per share and revenue of $5.32 million for its fourth quarter, missing analysts' estimates. In response, Craig-Hallum downgraded the security to "hold" from "buy" and slashed its price target to $24 all the way from $75. At last check, DMRC is down 23.8% trading near a fresh annual low at $20.08. This will mark the equity's seventh straight loss since running into a familiar ceiling at its 100-day moving average.
