Dow Up Triple Digits, Eyes Back-to-Back Wins

Reports indicate the coronavirus crisis may be plateauing

Deputy Editor
Apr 7, 2020 at 12:06 PM
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The Dow Jones Industrial Average (DJI) is building off of yesterday's rally, now up over 600 points at midday and heading toward back-to-back wins. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are following suit, with all three benchmarks hitting four-week intraday highs amid a possible global slowdown of the coronavirus outbreak. However, warning signs remain; although President Donald Trump lauded the "tremendous light at the end of the tunnel," New York Governor Andrew Cuomo reported the single-biggest daily jump in COVID-19 deaths on Monday.

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

  • This rural retailer withdrew its full-year forecast.
  • AutoZone is offering emergency time off for eligible employees.
  • Plus, VIAC call popularity rising; shoe retailer brushes off bear note; and Kroger enacts social distancing measures.

Midday Market Stats April 7

One stock seeing notable options action today is ViacomCBS (NASDAQ:VIAC). The entertainment content producer was last seen up 8.5% to trade at $15.19. At last check, over 14,000 VIAC calls have been exchanged, almost double the expected amount. The May 16 call is the most popular, with over 2,500 contracts exchanged. There are also new positions being opened at the weekly 4/9 16-strike call. Meanwhile, ViacomCBS recently acquired a 49% stake in Miramax.

One stock scaling the New York Stock Exchange this morning is footwear retailer Caleres Inc (NYSE:CAL), up 57.2% to trade at $6.62 at last check. CAL's surge comes despite target-price cut to $3.50 from $9 by Susquehanna, who warned it will take a long time to ramp up business once the COVID-19 crisis ends. CAL's 20-day moving average is on track to be toppled on a closing basis for the first time since early January.

CAL Chart 2 April 7

Meanwhile, Kroger Co (NYSE:KR) was last seen down 2.8% to trade at $31.66 at last check, but the grocery chain remains within striking distance of its four-year-high of $36.84 on March 18. Kroger recently announced it would limit the amount of customers it would allow in the store while also resigning some locations to pick-up only.

 

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