Stocks Cling to Weekly Gains as Airline Sector Pares Steep Market Pullback
Airline stocks are enjoying a lift after Kudlow's comments
Quick to brush off this morning's better-than-expected jobs data, the Dow Jones Industrial Average (DJI) is nearly 500 points lower midday, extending Thursday's losses as traders grow weary of the long-term economic impact of coronavirus. Paring some of this morning's steeper losses is a surge out of the airline sector, after Chief Economic Advisor Larry Kudlow said "targeted measures" may be put in place to minimize disruption to the industry. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are notably lower as well, though all three benchmarks are still clinging to weekly gains.
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One stock sporting unusual options volume today is Big Lots, Inc. (NYSE:BIG), the retailer popping on the heels of nine new nominees to its board of directors made by Investor Group. Just over 9,000 puts have crossed the tape so far, 33 times the average rate, and more than four times the number of calls. Most popular is April 30 put, with the March 15 put closely behind. BIG remains 36% lower year-to-date, and is just a week off its nearly 11-year bottom of $14.75.
One of the top stocks on the New York Stock Exchange (NYSE) today is broadcasting name Tegna Inc (NYSE:TGNA), surging 18.8% at $15.98 after news broke that Gray Television bid $8.5 billion to acquire the company. TNGA is now eyeing its best day since June 2013, and reclaiming a level back above the 200-day moving average.
Another top stock on the NYSE today is Spirit Airlines Incorporated (NYSE:SAVE), the equity brushing off Cowen and Company's price-target cut and warning against coronavirus headwinds in the airline industry. Up 8.9% at $23.34 this afternoon, SAVE was well overdue for a win. The shares have closed lower in nine of the past 10 sessions, adding to the security's year-to-date deficit of 41%.