Tech Sends Stocks, Crude Surging
Stocks fell toward deeper lows this morning
After a morning deep in the red for major indexes, the stock market is making a swing higher midday. The Dow Jones Industrial Average (DJI), down over 700 points at its session lows, is up 270 points at last check. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also in the black, boosted by FAANG giants Facebook (FB) and Netflix (NFLX). April-dated crude is also on the mend, surging 23% to trade around $25 per barrel, after hitting historic lows yesterday. Jeff Kilburg of KKM Financial said we are seeing the "rubber band" effect for oil prices.
Continue reading for more on today's market, including:
One stock sporting unusual options volume today is social media name Snap Inc (NASDAQ:SNAP),last seen up 6.1% to trade at $8.94. So far 193,000 calls have crossed the tape -- seven times the average intraday amount -- compared to only 12,000 puts. Most popular by far is the April 21 call. Despite the current upside, early this morning Citigroup cut its price target to $10 from $20, and the equity remains well below the formerly supportive 180-day moving average.
One stock scaling the Nasdaq today is TriState Capital Holdings Inc (NASDAQ:TSC), up 37.2% to trade at $11.01, at last glance. After hitting a record low of $7.59 yesterday, March 18, the stock appears to be on a rebound along with the broader market. However, the stock has a long way to go if it wants to fill any of the multiple bear gaps its seen in 2020. Year-to-date, the equity is down 58.4.%.
Retail giant Guess?, Inc. (NYSE:GES) is surging to the top of the New York Stock Exchange (NYSE) today, up an unheard-of 149%, to trade at $9.76, after the company reported an impressive fourth-quarter profit beat. GES is now pacing toward its best day ever, though it remains down 56% year-to-date.