Nasdaq Recovers 2020 Losses, Oil Rises

June-dated crude futures are rising midday

Deputy Editor
May 7, 2020 at 12:13 PM
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The Dow Jones Industrial Average (DJI) is up over 330 points midday, shaking off worse-than-expected weekly jobs data. The tech-heavy Nasdaq Composite (IXIC) is also in the black in today's trading, earlier marking a notable turn positive for 2020 as well -- the first major index to do so since the pandemic sparked the broad market sell-off in March. Following a lift in prices out of Saudi Arabia, crude future are also headed higher, the June-dated commodity up 7.6%, at $25.81 a barrel.

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

  • Analysts chime in after an Etsy earnings report.
  • PYPL soars after announcing upbeat outlook.  
  • Plus, PTON sees an options surge; Twilio stock gets an earnings boost; and the airline flying lower.

mmc chart  5.7.20

One stock seeing unusual options activity today is Peloton Interactive Inc (NASDAQ:PTON), up 12.7% at $42.84 at last check, earlier hitting a record peak of $45.70. The interactive fitness platform has seen 100,000 calls and 47,000 puts cross the tape so far, seven times the usual daily volume. Most popular is the weekly 5/8 45-strike call, followed closely by the May 50 call. This rise comes the company reported a surge in sales due to the boost in at-home workouts as people practice social distancing, and raised its full-year forecast. In response, no fewer than seven analysts have hiked their price targets. Year-to-date, PTON has tacked on 51.7%. 

Topping the New York Stock Exchange today is Twilio Inc (NYSE:TWLO), up 35.2% at $165.48 at last check -- earlier hitting a record high of $169.68 -- after the company announced a positive first-quarter earnings and second-quarter forecast. Analysts were quick to chime in, with no fewer than nine hiking their price targets -- BofA Global Research all the way to $195. So far in 2020, TWLO has surged an impressive 70%. 

On the other end of the spectrum today is Spirit Airlines (NYSE:SAVE), down 15% at $9.81 at last check. This drop comes after the airline's dismal first-quarter report, though an executive announced its plans to resume travel to all destinations once the pandemic subsides. The equity has been trading sideways since its March 19 record low of $7.01, with pressure at the $16 level prevalent of late. 

SAVE chart 5.7.20


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