Stocks Strengthened by Tesla, Tech

Tesla just toppled the $900 level for the first time ever today

by Lillian Currens

Published on Feb 4, 2020 at 12:02 PM

Day two of U.S. stocks' recent rebound continues with the Dow Jones Industrial Average (DJI) marking a roughly 400-point pop in afternoon trading. Tech remains in the spotlight midday, with chip stocks Nvidia (NVDA) and Micron Technology (MU) brushing off last weeks coronavirus headwinds. Elsewhere, traders are turning their attention to Tesla (TSLA) for a second day, which is enjoying a seemingly unstoppable rally, pushing past the $940 mark for the first time ever earlier.

U.S.-listed Chinese stocks appear to be making a comeback too, on reports that the Chinese central bank will be taking measures to prop up an economy currently devastated by virus anxieties. Against this backdrop, the S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) aren't far behind the Dow, with both indexes trading well above the breakeven mark at midday. 

Continue reading for more on today's market, including:

  • The China stock ready to bounce back on bull note. 
  • Options bulls are looking to clean up with Clorox stock after earnings. 
  • Plus, AI announcement attracts options bulls to Avya; MYO stock almost triples; and C-suite shakeup slams MFGP stock. 

midday stats Feb 4

Digital communications specialist Avya Holdings Corp (NYSE:AVYA) is seeing an uptick in bullish activity in the options pits today, with 4,669 calls across the tape so far -- four times what is typically seen at this point -- compared to just 161 puts. The surge came after AVYA announced its new Afiniti AiRo offering, which will enable companies to strengthen their customer interactions and employee engagement using artificial intelligence. At last check, AVYA is up 3.6% to trade at $13.28. 

The top stocks today is medical device manufacturer Myomo Inc (NYSEAMERICAN:MYO), which has nearly tripled on news that German-based Statutory Health Insurance just approved the company's MyPro device, which is meant to support and restore function to weakened or paralyzed arms of patients suffering from stroke, injury or neuromuscular disease. The stock is up 179.3%, to trade at $16.90 at last check, just one day after bottoming out at an all-time low just south of the $6 level. MYO is set to close atop familiar pressure at the 100-day moving average for the first time since 2018. 

MYO Feb 4

U.K.-based software specialist Micro Focus International (NYSE:MFGP) is one of the worst stocks on the New York Stock Exchange today, after its Executive Chairman Kevin Loosemore announced he will step down after a "challenging year." This comes right on the heels of a disappointing earnings report. The news has caused MFGP to gap to all-time low, down 21% to trade at $10.03 at last check, earlier touching a bottom of $9.98. 


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