The Dow Jones Industrial Average (DJI) jumped to a triple-digit lead at the open following a strong reading on fourth-quarter gross domestic product (GDP), while pending home sales also came in better than expected in February. The blue-chip index has since pared these gains -- pressured by sinking tech stocks Intel (INTC) and Apple (AAPL) -- but is holding higher at midday. However, the tech-heavy Nasdaq Composite (IXIC) is again getting hit hard, and at this pace, is headed for its biggest monthly loss since January 2016.
Continue reading for more on today's market, including:
- The drug stock down 90%.
- The worst FAANG stock today.
- Plus, LULU put players split; a pharma stock rallying on buyout buzz; and the penny stock at new lows.
Among the stocks with unusual options volume today is Lululemon Athletica Inc. (NASDAQ:LULU), with nearly 26,000 contracts on the tape -- roughly 10 times what's typically seen at the halfway point. LULU stock is up 10.3% to trade at $86.63 -- earlier topping out at a record high of $87.98 -- on a positive earnings reaction for the yoga apparel maker, and it looks like options traders may be liquidating May 70 puts.
Shire Plc (NASDAQ:SHPG) is one of the biggest gainers on the Nasdaq, after Japan-based drug firm Takeda Pharmaceutical said it was in the preliminary stages of pursing a possible bid for the U.K. pharmaceutical name. At last check, SHPG was up 15.5% at $148.84, to trade at its highest point since early January.
Apricus Biosciences Inc (NASDAQ:APRI) is near the bottom of the Nasdaq, after the drugmaker priced a stock offering at a discount to Tuesday's close. APRI shares are down 34% to trade at $0.396, and earlier hit a record low of $0.3901.