Stock Market Extends Rebound Midday

Urban Outfitters stock is seeing a surge in options trading today

Assistant Editor
Mar 13, 2020 at 12:16 PM
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The Dow Jones Industrial Average (DJI) is extending its rebound this afternoon, surging 1,300 higher at its intraday peak. Also recovering from yesterday's worst market crash since 1987 is the S&P 500 Index (SPX) and Nasdaq Composite (IXIC), now seeing a boost out of the tech and finance sectors. Also guiding the lift is news the government is getting close to agreeing on a stimulus package for the U.S. President Donald Trump also tweeted he will hold a press conference at 3 p.m. ET.

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

  • The software company higher despite an earnings miss. 
  • Comcast stock sees relief after long-term pullback. 
  • Plus, URBN’s unusual options; the stock surging on a fresh earnings beat, and Slack Technologies stock gets pummeled.

mmc market stats Mar 12

One stock sporting unusual options volume today is Urban Outfitters, Inc. (NASDAQ:URBN). Puts are severely outweighing calls, with 5,028 across the tape so far -- six times the intraday average -- and compared to just 182 calls. Most popular are the March 25-strike put and the June 19-strike put, with positions being opened in the latter. URBN shares are up 2.7% to trade at $16.19, after the company shared that it has seen limited impact in revenue from the current global conditions.

One stock scaling the New York Stock Exchange (NYSE) today is Tilly's Inc (NYSE:TLYS), up 11.19% to trade at $4.85. This comes after the company shared better-than-expected fourth-quarter results. TLYS is down 52.1% year-to-date, and is just coming off yesterday's nearly four-year low of $4.27. 

Situated near the bottom of the NYSE is Slack Technologies Inc (NYSE:WORK). After an attempted comeback premarket, the company is down 23.7%, just off a record low of $16.06, after sharing a first-quarter revenue forecast that was below estimates. No fewer than seven analysts have cut their price targets, including Mizuho, slashing to $20 from $22. Slack Technologies reported that there might be less technology spending amidst the COVID-19 outbreak, affecting the demand for their product. The equity is now down 27.9% year-to-date and remains well below its 30-day moving average.

MMC Chart Mar 12

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