Various Big Tech stocks are boosting the Nasdaq
The S&P 500 (SPX) is posting a modest rise midday, just beneath its record February intraday high once again -- after flirting with the mark all of last week. Meanwhile, various Big Tech stocks are pushing the Nasdaq Composite (IXIC) higher, while the Dow Jones Industrial Average (DJI) slips nearly 60 points. Elsewhere, investors are eyeing Congress as the stimulus stalemate continues, as well as debate over the United States Postal Service (USPS).
Continue reading for more on today's market, including:
- Home improvement stock reaches new highs.
- Gold name shines after Warren Buffet investment.
- Plus, CLNY sees surge in options volume; Imara stock soars on an upgrade; and the biotech stock plummeting on its failed treatment.
One stock seeing notable activity in its options pits is Colony Capital Inc (NYSE:CLNY), up 7.1% at $2.88 at last check. So far, 34,000 calls and 15,000 puts have crossed the tape -- 10 times the usual daily volume. Most popular are the December 3- and 4-strike calls, followed by the 2.5-strike put in the same series, with new positions being opened at all three. The reason for today's options surge is unclear, and despite being up around 70% in the last three months, CLNY is down 39% year-to-date.
One stock scaling the Nasdaq today is Imara Inc (NASDAQ:IMRA), up 53.1% at $31.56 after receiving an upgrade by Citigroup to "buy" from "neutral." Today's rally has the equity breaking past pressure around the $20-$22 region, as well as bouncing above the 30-day moving average for the first time since late June. Year-to-date, the equity is up 37.4%.
Conversely, Unity Biotechnology Inc (NASDAQ:UBX) is plummeting on the Nasdaq, last seen down 60.9% at $4.86, after the company's arthritis treatment failed to meet its main goal. Dropping beneath a slew of moving averages, the stock is now down 33.5% year-to-date.