Stocks Extend Losses as Coronavirus Fears Grip Wall Street

Gold, meanwhile, is soaring midday

Managing Editor
Mar 5, 2020 at 12:27 PM
facebook X logo linkedin


The Dow Jones Industrial Average (DJI) is extending its losses this afternoon, down almost 600 points as Wall Street fails to adjust to the potential long-term outcome of the global spread of COVID-19. With over 94,000 cases now reported by the World Health Organization (WHO), safe haven assets are looking attractive, sending April-dated gold futures up to a one-week high, up 1.2% at $1,662.70 per ounce at last check. Oil prices meanwhile, are brushing off the Organization of the Petroleum Exporting Countries' (OPEC) decision to temporarily cut production by 1.5 million barrels per day (bpd). April-dated crude was last seen down 0.4% at $46.61 per barrel.

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

  • CEO pay cut slams Virgin Galactic stock.
  • Retailer extends losses despite earnings beat.
  • Plus, behind SPLK's post-earnings options volume surge; the latest pharma stock to pop on coronavirus news; and CMTL stock suffers massive slide. 

MMC chart March 5

One stock sporting unusual options volume today is Splunk Inc (NASDAQ:SPLK), after it's fourth-quarter earnings report missed analysts' estimates by one cent. Despite a revenue beat, and no fewer than 11 price target hikes on Wall Street, the stock was last seen down 5.7% at $146.51. Meanwhile, both calls and puts are flying of the shelves with 9,700 calls and 6,400 puts across the tape so far, six times the intraday average. Most popular is the weekly 3/6 155-strike call, where more than 2,600 contracts have been traded. Year-to-date, SPLK sits just below its breakeven mark.

Medical equipment stock Allied Healthcare Products Inc (NASDAQ:AHPI) is near the top of the Nasdaq this afternoon, last seen up 20.6% to trade at $19.46. The equity surged to a record high of $45 earlier this week, and while the stock pulled back some yesterday, today's bounce has erased these losses. This surge in shares comes as consumer coronavirus fears grow, making the company’s respiratory care and gas equipment products more appealing.

Comtech Telecommunications Corp (NASDAQ: CMTL) is one of the worst stocks on the Nasdaq today, down 17.1% to trade at $24.05, after reporting a disappointing earnings and revenue for its fourth quarter and cutting its full-year forecast. Specifically, thee company reported $161.65 million in revenue, much lower than the anticipated $170.25 million. On the charts, former support at both the 50- and 100-day moving averages look to have now turned into a double layer of overhead resistance for the shares, which are now down 31.5% year-to-date.

MMC stov chart Mar 05

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI