Nasdaq Grabs New Highs At Midday
The Nasdaq has been waffling at the breakeven but eventually hit a new intraday high
Stocks are making modest moves at midday. the Nasdaq Composite Index (IXIC) hit even more fresh highs, and while it has been waffling at both sides of the breakeven today, it was last seen in the black. The Dow Jones Industrial Average (DJI) issporting an almost 300-point gain, with it and the S&P 500 Index (SPX) nearly recouping the rest of last week's sharp sell-off. Big gains from both UnitedHealth (UNH) and Caterpillar (CAT) are propping up the blue chip index, as well as rumors that a coronavirus treatment is on its way. This news seems to have pulled oil out of its five-day slump, with March-dated crude futures up 3.8% to trade at $51.51 at the midway point.
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The options pits for Uber Technologies Inc (NYSE:UBER) are picking up steamahead of the rideshare concern's fourth-quarter earnings event, slated for tomorrow after the close. So far, 71,000 calls and 38,000 puts have crossed the tape, two times the intraday average. The March 40 call is the most popular, followed by the 35-strike put in the same series, with new positions being opened at both.
One of the best stocks on the Nasdaq today is VIVUS, Inc. (NASDAQ:VVUS), which has added 54.3% to trade at $3.55 so far, after the Food and Drug Administration (FDA) approved a supplemental New Drug Application (sNDA) for its improved Pancreaze formula, used to treat patients with exocrine pancreatic insufficiency. The equity hit a three-month high of $3.97 earlier, and is now testing its footing atop familiar resistance at the 320-day moving average.
A fiscal third-quarter revenue report and fourth-quarter forecast that missed analysts expectations has audio equipment specialist Plantronics Inc (NYSE:PLT) wallowing at the bottom of the New York Stock Exchange. The security is pacing for its lowest close in over ten years, down 38.3% to trade at $16.59, with some of these losses undoubtedly exacerbated by a downgrade from Evercore ISI to "in line" from "outperform." The analyst also cut its price target to $21 from $37.