Dow Eyes 300-Point Pop; Oil Pulls Back

Investors are hopeful that parts of the economy will reopen soon

Deputy Editor
Apr 27, 2020 at 12:07 PM
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The Dow Jones Industrial Average (DJI) is kicking off the week with triple-digit gains, last seen up over 300 points, as investors unpack New York governor Andrew Cuomo's, daily press conference on the coronavirus outbreak. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are also confidently in the black, as optimism over the reopening U.S. economy mounts. It's not all sunshine and rainbows though; June-dated crude futures were last seen trading down 25.6% at $12.61 as storage woes continue to strike fear into investors. 

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

  • This automotive retailer returned its stimulus loan.
  • Deutsche Bank's preliminary earnings report exceeded expectations. 
  • Plus, MRVL calls flying off the shelf; Emergent BioSolutions inks potential vaccine manufacturing; and CHK continues to spiral.

Midday Market Stats April 27

One stock seeing notable options trading activity today is Marvell Technology Group Ltd. (NASDAQ:MRVL). The semiconductor stock was last seen trading up 2.2% at $27.73. At last check, just over 28,000 call options have crossed the tape, eight times the average intraday amount and volume ranking in the 100th percentile of its annual range.The most popular option is the weekly 5/01 29-strike call, with over 16,000 options exchanging hands and new positions being bought to open. 

One stock climbing the New York Stock Exchange (NYSE) today is Emergent BioSolutions Inc(NYSE:EBS), up 9.5% to trade at $80.24 at last check. On Friday the company inked a deal to manufacture Johnson & Johnson's (JNJ) potential COVID-19 vaccine. EBS is up 35% this quarter, with its ascending 10-day moving average guiding the pharma stock higher.

EBS Chart 2 April 27

Sitting at the very bottom of the NYSE is Chesapeake Energy Corporation(NYSE:CHK), last seen down 21.5% to trade at $29.88. This is a far cry from almost 12 months when CHK was trading just over $600. At last check, Chesapeake stock was down 81% for the year, but has come off its April 20 lows of $12.30.

 

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