Stocks Continue to Sell Off But Eye Weekly Gains
All three indexes are eyeing weekly wins, despite today's sharp sell-off
The Dow Jones Industrial Average (DJI) has deepened its early morning losses at the midday mark, now down triple digits, while the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) are trailing behind with sizable losses of their own. This comes after several days of impressive wins, with the energy, materials, and tech sectors driving the course of today's sell-off. Despite this, all three indexes are on course for weekly wins. Meanwhile, oil is back down after Russia said it could not yet commit to Organization of the Petroleum Exporting Countries' (OPEC) proposed crude production cuts. March-dated crude futures are down 1.3% to trade at $50.31, at last check.
Continue reading for more on today's market, including:
Urban Outfitters, Inc. (NASDAQ:URBN) is seeing an influx of bearish activity in the options pits today, with 7,297 puts traded so far -- seven times the intraday average -- compared to only 98 calls. Leading the charge is the March 25 put, followed by the weekly 3/27 25-strike put, with positions being bought to open at both. In response, URBN is down 2.2% at $26.04 on the day, and has already shed 7% in 2020.
Navigation software specialist TeleNav Inc (NASDAQ:TNAV) is one of the best performers on the Nasdaq today after sharing fiscal second-quarter profits of 13 cents per share. The firm's reported revenue of $64.4 million also exceeded expectations. At last check, TNAV is up 29% to trade at $6.11, toppling recent pressure at its 100-day moving average for the first time since early September.
One of the biggest losers on the Nasdaq is Zogenix, Inc. (NASDAQ:ZGNX) which is down 31.6% to trade at $36 after its lead experimental drug Fintepla failed a late-stage study in patients with a rare form of childhood epilepsy called Lennox-Gastaut Syndrome (LGS). The shares are now eyeing their lowest close since early 2019 in response.