Stocks, Oil Continue Road to Recovery Midday

Coronavirus headwinds are being pared with Trump's proposal

Deputy Editor
Mar 10, 2020 at 12:13 PM
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Stocks continue to shake off yesterday’s worst day since 2008, with the Dow Jones Industrial Average (DJI) up around 126 points at last check. The S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also in recovery mode, as President Donald Trump put forth the idea of a payroll tax cut or relief in response to the rapidly increasing coronavirus headwinds in the U.S. Oil prices are on the rise as well, April-dated crude last seen up 6.2% at $33.07 a barrel.

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

  • Why SFIX just hit record lows.
  • Retailer seeing a post-earnings pop.
  • Plus, MGM’s options volume surge; the latest home technology to pop amidst coronavirus, and AHPI suffers a fall from a recent high. 

MMC Chart Mar 10

One stock sporting unusual options volume today is MGM Resorts International (NYSE:MGM), the equity up 3% at $18.46, at last check. Both calls and puts are popular, with 105,000 calls and 109,000 puts across the tape so far, 12 times what’s typically seen. Most popular is the March 36-strike call, where more than 107,000 contracts have been traded. In recent weeks, overhead pressure has emerged at its 30-day moving average.

One of the stocks topping the New York Stock Exchange (NYSE) today is Vivint Smart Home Inc (NYSE:VVNT), rising 34.2% to trade at $30.80, at last check. The surge comes after the company reported a 45,861 subscriber gain for the four quarter with even more growth forecast for 2020, as well as the completion of its merger with Mosaic Acquisition. Support at the equity's 30-day moving average has attributed to VVNT's now 183% year-to-date lead.

VVNT MA Chart Mar 10

Situated near the bottom of the Nasdaq is Allied Healthcare Products Inc (NASDAQ: AHPI), extending its plummet from its recent late-February record high of $45. After holding its own despite the surrounding market's selloff last week, the catalyst for its plunge today is unclear. AHPI is down 26.3% at $9.80 at last check. 

 

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