Wary Wall Street Drags Dow, Nasdaq Sees Boost in Tech

Hesitance surrounding states easing lockdown measures is permeating the market

Laura McCandless

Deputy Editor

May 11, 2020 at 12:09 PM

The Dow Jones Industrial Average (DJI) is down over 160 points midday, with Wall Street wary surrounding the "reopening" of the economy -- made worse by a second wave of coronavirus cases in South Korea. The S&P 500 Index (SPX) is also modestly in the red, while on the flip side, tech-heavy Nasdaq Composite (IXIC) is eking out gains thanks to a rise in FAANG stocks. With investors appearing to shake off Friday's dismal jobs report, analysts say some near-term market consolidation may be inevitable.

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

PlayStation parent boosts China security.
Garbage name seeing surge in demand amid shelter-in-place.
Plus, AMC sees an options surge; MyoKardia stock gets a boost from its heart drug; and the sinking shipping stock.

mmc may 11

One stock seeing unusual options activity today is AMC Entertainment Holdings Inc (NYSE:AMC), up 24.8% at $5.11 at last check, after reports of "takeover talks" with Amazon.com (AMZN) surfaced. The theater giant has seen 72,000 puts and 63,000 calls cross the tape so far -- nearly 12 times the usual daily volume. Most popular is the May 5 put, followed by the May 6 call, with positions being opened at both. Today's pop has AMC toppling resistance at the 80-day moving average. Though the stock has risen 98% on the charts in the last month, it still sports a 63% deficit for the last 12 months.

AMC chart may 11

Topping the Nasdaq today is MyoKardia Inc (NASDAQ:MYOK), up 65.5% at $101.12 at last check, earlier hitting a fresh record high of $104.26. This rise follows the company's late-stage trial results for its heart drug, which met its main goal in showing significant effects on both symptoms and cardiac function. MYOK has surged 88% in the last month, and 35% in 2020.

On the flip side, near the bottom of the New York Stock Exchange (NYSE) is Scorpio Bulkers Inc (NYSE:SALT), down 16% at $16.84 at last check, earlier bottoming out at a record low, $16.45. This drop comes after the shipping company reported a wider-than-expected first-quarter loss, and now has the equity down 73.4% year-to-date.

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