Stock Market Continues Shaky Recovery Midday

Amazon stock is seeing a surge in options trading today

Assistant Editor
Mar 17, 2020 at 11:54 AM
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The Dow Jones Industrial Average (DJI) is continuing its modest recovery from yesterday's third-worst day ever, up 500 points at last check. Also on the up is the S&P 500 Index (SPX) and Nasdaq Composite (IXIC), seeing a boost from FAANG giants (AMZN) and Netflix (NFLX). Guiding the rise in today's choppy market is a request by Treasury Secretary Steven Mnuchin to congressional lawmakers to provide a stimulus package of $850 billion or more to stimulate the U.S. economy during the pandemic. 

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

  • FAANG stock surging on hiring announcement. 
  • McDonald's stock joins peers in dining closure. 
  • Plus, WTRH’s unusual options; the stock surging with news of its COVID-19 test, and Caesar's Entertainment stock takes a dive.

Midday Chart Mar 17

One stock sporting unusual options volume today is Avis Budget Group Inc. (NASDAQ:CAR), the car rental name lower with travel stocks, last seen down 6% at $13.21, earlier touching an eight-year bottom of $12.22. So far 31,000 puts have crossed the tape, compared to a mere 363 calls, trading at seven times the expected rate. Most popular are the May 10 and 15 puts. In 2020, Avis Budget stock has shed 58%.

One stock scaling the Nasdaq today is Co-Diagnostics Inc (NASDAQ:CODX), up 28.8% to trade at $11.71. This comes after the company shared that the Food and Drug Administration (FDA) changed its policy to allow for rapid widespread distribution of its COVID-19 test. The equity is now up 1,191% year-to-date with support from its 30-day moving average.

MMC Chart Mar 17

Situated near the bottom of the Nasdaq is Caesar's Entertainment Corp (NASDAQ:CZR). The casino-entertainment and hospitality company is down 36.5% to trade at $3.86, earlier hitting a record low of $3.23. CZR is continuing on the recent bear gap that culminated in a five-year low of $5.45 yesterday, March 16. The equity is now down 73% year-to-date.

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