Stocks Pare Losses with AMZN Surge
Coronavirus concerns step back as tech moves higher
Stocks are bringing in modest gains in afternoon trading, the Dow Jones Industrial Average (DJI) paring its early morning losses. A surge in Amazon.com (AMZN) shares has the Nasdaq Composite Index (IXIC) moving higher as well, while the S&P 500 Index (SPX) is following closely behind. Concerns regarding the lack of containment of fatal Coronavius remains a heavy weight for the broad market, though it's long-term impact on China's economy seems to have taken a backseat.
Continue reading for more on today's market, including:
American Airlines Group Inc (NASDAQ:AAL) is seeing a surge in options volume today, with 89,00 calls and 115,000 puts across the tape, eight time the expected rate. Most popular looks to be the March 28 put and March 28 call, where nearly 200,000 options have been exchanged so far. The increase in activity comes just after all major airlines suspended flight service to major China regions in the wake of coronavirus concerns. AAL is flat in afternoon trading, last seen at $28.36, with overhead pressure remaining at the 200-day moving average.
Drug specialist Biohaven Pharmaceutical Holding Co Ltd (NYSE:BHVN) is near the bottom of the New York Stock Exchange (NYSE) this afternoon, down 11.5% at $45.40, after late-stage testing for its anxiety drug troriluzole missed its main goal. BHVN has now gapped back below the 200-day moving average, and is 17% lower year-to-date.
Another biotech in focus this afternoon is Adverum Biotechnologies Inc (NASDAQ:ADVM), the equity surging to the top of the Nasdaq after revealing upbeat early stage trial data for its eye macular degeneration gene therapy drug. ADVM is enjoying a 28% lift to $13.19 in response, and is now sporting a nearly unfathomable, 300% year-over-year gain.