Dow, S&P Struggle as Oil Drops

June-dated crude futures are dropping midday

Deputy Editor
May 6, 2020 at 12:16 PM
facebook X logo linkedin

The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are hovering right below the line of breakeven today, as Walt Disney's (DIS) lackluster earnings and a disappointing jobs report weigh. The tech-heavy Nasdaq Composite (IXIC), however, is seeing higher gains thanks to FAANG stocks -- though any gains across the board have been encroached on by the drop in oil prices, with June-dated crude futures down 7%, at $22.81 per barrel, at last check. 

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

  • Pizza name down despite an all-star month.
  • Analysts pile on this plant-based stock.  
  • Plus, ATVI sees an options surge; MacroGenics stock soars earnings; and the food processing company taking a dive.

MMC chart 5.6.20

One stock seeing unusual options activity today is Activision Blizzard Inc (NASDAQ:ATVI), up 5.8% at $72.50 at last check, and earlier touched a fresh annual peak of $74.79. This gaming and entertainment company has seen 74,000 calls and 25,000 puts cross the tape so far, seven times the usual daily volume. Most popular is the weekly 5/8 70-strike call, followed by the May 55 put. This rise comes after the company posted a first-quarter earnings and revenue beat, receiving no fewer than 10 price target raises in response. Year-to-date, ATVI has tacked on 21%.

Topping the Nasdaq today is MacroGenics Inc (NASDAQ:MGNX), up 125% at $17.15 at last check, after the company shared a better-than-expected first-quarter report. Analysts are chiming in with mixed sentiment as Credit Suisse and SVB Leerink have lowered their price targets to $13 and $15, respectively, while H.C. Wainwright & Co and Stifel raised theirs to $22 and $21, respectively. So far in 2020, MGNX has surged an impressive 48%.

Towards the bottom of the New York Stock Exchange (NYSE) today is Bunge Ltd (NYSE:BG), down 10.9% to trade at $33.80 at last check. This drop comes after the food processing company reported an earnings and revenue miss, amid coronavirus headwinds impacting edibles demand. Following multiple failed run-ins with the $42 level, he equity has now gapped below the $36 mark for the first time since mid March.

BG Chart 5.6.20


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI