Oil prices are extending their rally as rumors of a production cut circulate
The Dow Jones Industrial Average (DJI) is lower at midday, having pared away triple-digit gains from the morning. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) have also traded on both sides of the aisle today, while all three benchmarks cruise toward sizable weekly losses. Oil prices are so far clinging to gains though, with June-dated crude futures last seen up 3.2% at $17.05 per barrel. Elsewhere, the coronavirus death toll continues to climb in the U.S; Johns Hopkins University reports that fatalities have now surpassed 50,000, the most of any country in the world.
Continue reading for more on today's market, including:
- This French pharma stock has benefited from the COVID-19 crisis.
- Continental Resources stock fell after ceasing shale production.
- Plus, Pluristem options traders eye top; Chesapeake Energy unveils shareholder rights plan; and Wayfair stock stays hot after bull note.
One stock seeing notable options trading activity today is Pluristem Therapeutics Inc (NASDAQ:PSTI). The stem cell specialist was last seen trading up 22.8% at $12.72. At last check, just over 3,200 options have crossed the tape, double the average intraday amount and volume pacing for the 99th percentile of its annual range. Calls occupy the six most popular contracts today, with new positions being sold to open at the May 15 call.
One stock surging at the top of the New York Stock Exchange (NYSE) today is Chesapeake Energy Corporation(NYSE:CHK), up 48% to trade at $40.69. The company's board adopted a shareholder rights plan that will protect the availability of any unrecognized losses amid falling oil prices due to the coronavirus outbreak. CHK is on pace to close above its 40-day moving average for the first time since early January.
Another stock on the rise today is Wayfair Inc (NYSE:W), last seen up 10.7% to trade at $115.78. W's rise on the charts was spearheaded by a price-target hike to $114 from Stifel as more customers turn to e-commerce during coronavirus-related lockdowns. Wayfair stock is now up 123.8% for the month, and is looking to close at its highest level since October 2019.