Stocks Stage Rebound Following Two-Day Skid

Meanwhile, investors are anticipating President Trump's coronavirus conference this evening

Deputy Editor
Feb 26, 2020 at 11:49 AM
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The Dow Jones Industrial Average (DJI) is deep into triple-digit territory at midday in a effort to recoup the two-day slide that devastated the blue chip index. Meanwhile, strong gains in the finance and healthcare sectors are giving the S&P 500 Index (SPX) a boost, with the former getting a lift from a bounce-back in the 10-year Treasury yield. The Nasdaq Composite (IXIC) is also attempting a rebound at the midway mark, led by big gains from FAANG stocks. In other news, Wall Street is looking ahead to U.S. President Donald Trump's conference addressing the coronavirus, slated for this evening at 6 p.m ET.

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

  • Lowe's takes a turn in the earnings confessional. 
  • The restaurant stock feeling post-earnings pressure today. 
  • Plus, options pop on MGM stock; Sellas stock surges on positive drug data; and APM stock hits all-time low. 

Midday Market Stats Feb 26

MGM Resorts International (NYSE:MGM) is seeing an unusual amount of activity in the options pits today, with 37,000 calls and 26,000 puts across the tape so far -- nine times what's typically seen at this point. Most popular is the March 35 call, followed by the 35 put in the same series, with positions being opened at both. The shares were last seen trading at $27.61.

One of the top performers on the Nasdaq today is Sellas Life Sciences Group Inc (NASDAQ:SLS) after announcing positive data from its Phase 1/2 study for its Galinpepimut-S (GPS) treatment in patients with Acute Myeloid Leukemia (AML). SLS is up 56.5% to trade at $3.24, testing its footing near recent pressure at its 40-day moving average for the first time since mid-November. Year-to-date, however, SLS is still down roughly 30%. 

SLS Chart Feb 26

Pharmaceutical concern Aptorum Group Ltd (NASDAQ:APM) is one of the worst performers on the Nasdaq today, down 53.6% to trade at $6.68 after announcing a $10 million registered direct offering, pricing in 1.35 million ordinary shares at $7.40 per share. The equity breached recent support at its $4 region, and is trading at its lowest level on record in response. 

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