Dow on the Rebound After Yesterday's Sharp Sell-Off
Stocks are continuing their recovery from yesterday's massive sell-off
The Dow Jones Industrial Average (DJI) has extended its rebound at the halfway mark, adding over 200 points, as investors attempt to recover from yesterday's steep sell-off. The blue-chip index is getting a boost from Apple, which is surging midday despite news that the coronavirus could slow iPhone production. The S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) followed suit, after the World Health Organization (WHO) expressed confidence in China's ability to contain the virus' outbreak, helping to stabilize stocks.
Continue reading for more on today's market, including:
Camera concern GoPro Inc's (NASDAQ:GPRO) typically quiet options pits are bustling with activity today, just one week ahead of the firm's fourth-quarter financial report. So far, 7,519 calls have crossed the tape -- four times the intraday average -- compared to just 511 puts. Positions are being bought to open at the weekly 1/31 4.50-strike call, with plenty of activity also occurring at the February 4.50 call. GPRO is eyeing its highest close in a month and is up 3.9% at $4.50 at last check.
One of the best stocks on the New York Stock Exchange is Armata Pharmaceuticals Inc (NYSE:ARMP), which has more than doubled today after an announcement that fellow drugmaker Innoviva (INVA) has agreed to purchase $25 million in common stock and warrant securities to supporting the advancement of Armata's bacteriophage development programs. The stock earlier touched a one-year high of $6.92 and cleared the 320-day moving average for the first time since Oct. 2018. At last check, ARMP is up 114% to trade at $5.97.
Communications and marketing specialist TESSCO Technologies, Inc. (NASDAQ:TESS) is one of the worst performers on the Nasdaq today after posting a fiscal third-quarter loss of 59 cents per share, which fell much lower than the 91 cents per share the company reported this time last year, and missed analysts' estimates. The $139.58 million in revenue reported also fell short of expectations. At last check TESS is down 27.5% at $8.76, eyeing its lowest close in 10 years.