Stocks Cool Off as Jobless Data Weighs
The Dow is trading just below breakeven at midday
Stocks are struggling for direction at midday, with the Dow JonesIndustrial Average (DJI), S&P500 Index (SPX), and Nasdaq Composite (IXIC) all sporting shallow losses. The tech-heavy Nasdaq-100 Index earlier hit a new record high and there's optimism following the European Central Bank's historic stimulusprogram, but worse-than-expectedjobless claims are still on investors' minds. Meanwhile, concerns over potential output cuts are keeping oil prices at bay. July-dated crude is taking a breather, down 1.9% at last check, on course to snap their six-day win streak.
Continue reading for more on today's market, including:
Struggling retail stock takesanother hit on a $65.9 million lawsuit. This software stock has pullback support in place. Plus, options bulls stick with GLUU; and two penny stocks scaling opposite ends of the Nasdaq.
There's an unusual amount of options activity surrounding Glu Mobile Inc. (NASDAQ:GLUU) today, following its public offering of 15 million shares of common stock priced at $9.25 per share. So far, 150,000 calls have crossed thetape, which is 48 times the intraday average, and already more than three times the previous 5/8 annual high. The July 11 call is by far the most popular, with positions being opened here. At last check, GLUU is up 4.3% at $9.97.
Film distributor Cinedigm Corp (NASDAQ:CIDM) is the best performer on the Nasdaq so far today. The stock is up 159.6% at $3.40, after the firm announced a partnership with Vewd, the world's largest Smart TV OTT software provider,which will distribute Cinedigm's portfolio of streaming entertainment on a global scale. The stock hit a four-and-a-year high of $6 earlier today, and is now up over 488% in 2020.
Meanwhile, Summit Wireless Technologies Inc (NASDAQ:WISA) has fallen to the other end of the spectrum, off 23.2% at $2.20 after entering a securities purchase agreement with investors to purchase roughly $5.8 million of itscommon stock in a registered direct stock offering priced at-the-market. The dip puts WISA --which is down 81% in 2020 now -- back below its 30-day moving average, which has served as a long-term area of pressure on the charts.
