Stocks Cool Off as Jobless Data Weighs

The Nasdaq-100 hit a new record high, though

Digital Content Manager
Jun 4, 2020 at 12:21 PM
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Stocks are struggling for direction at midday, with the Dow Jones Industrial Average (DJI)S&P 500 Index (SPX), and Nasdaq Composite (IXIC) all sporting shallow losses. The tech-heavy Nasdaq-100 Index earlier hit a new record high and there's optimism following the European Central Bank's historic stimulus program, but worse-than-expected jobless claims are still on investors' minds. Meanwhile, concerns over potential output cuts are keeping oil prices at bay. July-dated crude is taking a breather, down 1.9% at last check, on course to snap their six-day win streak.

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

  • Struggling retail stock takes another hit on a $65.9 million lawsuit. 
  • This software stock has pullback support in place. 
  • Plus, options bulls stick with GLUU; and two penny stocks scaling opposite ends of the Nasdaq. 

Midday Market Stats June 6

There's an unusual amount of options activity surrounding Glu Mobile Inc. (NASDAQ:GLUU) today, following its public offering of 15 million shares of common stock priced at $9.25 per share. So far, 150,000 calls have crossed the tape, which is 48 times the intraday average, and already more than three times the previous 5/8 annual high. The July 11 call is by far the most popular, with positions being opened here. At last check, GLUU is up 4.3% at $9.97. 

Film distributor Cinedigm Corp (NASDAQ:CIDM) is the best performer on the Nasdaq so far today. The stock is up 159.6% at $3.40, after the firm announced a partnership with Vewd, the world's largest Smart TV OTT software provider, which will distribute Cinedigm's portfolio of streaming entertainment on a global scale. The stock hit a four-and-a-year high of $6 earlier today, and is now up over 488% in 2020. 

Meanwhile, Summit Wireless Technologies Inc (NASDAQ:WISA) has fallen to the other end of the spectrum, off 23.2% at $2.20 after entering a securities purchase agreement with investors to purchase roughly $5.8 million of its common stock in a registered direct stock offering priced at-the-market. The dip puts WISA --which is down 81% in 2020 now -- back below its 30-day moving average, which has served as a long-term area of pressure on the charts.

WISA Chart June 4 New

 

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