Stocks, Oil on the Mend Amid Volatile Day

The Nasdaq and S&P 500 are also sporting marginal gains

Deputy Editor
Jun 18, 2020 at 11:56 AM
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The Dow Jones Industrial Average (DJI) has erased early morning losses by midday, fighting back from a 271-point deficit at its session lows. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are both marginally higher at the midway mark, although today's disappointing jobs data is still sparking anxiety on Wall Street. Investors are also weighing advances in the flight and cruise sectors, which have become bellwethers for trader optimism surrounding the reopening of the U.S. economy. Oil prices have stabilized this afternoon, too, with crude for July delivery up 1.1% at $38.39, at last check. 

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

  • The slippery slope one oil stock is on after raising $12 billion in new debt. 
  • Flower delivery is having a heyday, and one stock is enjoying the tailwinds. 
  • Plus, Cloudera calls hit fever pitch; ALPN doubles on ABBV deal; and a particularly volatile penny stock. 

There's an unusual amount of bullish options activity surrounding biotech name Cloudera Inc (NYSE:CLDR). The equity is pacing for its highest close in over a year, up 7.3% at $13.63 at last glance. Intraday call volume is running in the top percentile of its annual range, with 149,000 calls across the tape at last check -- nine times what is typically seen at this point and almost 34 times the number of puts traded. There are positions being bought to open at the July 15 call, which is by far the most popular. This suggests that these traders are speculating on even more upside for CLDR before these contracts expire on Friday, July 17. 

One of the best performers on the Nasdaq today is Alpine Immune Sciences Inc (NASDAQ:ALPN), which is up 102.3% to trade at $9.61, after announcing an option and license agreement with AbbVie (ABBV) for the development and commercialization of its treatment for multiple autoimmune and inflammatory diseases. ALPN touched a four-year high of $15 earlier today, and is now pacing for its biggest one-day jump on record by a wide margin.

Machinery manufacturer Arts-Way Manufacturing Co. Inc (NASDAQ:ARTW) is one of the worst performers on the Nasdaq today. The stock is off 30.8% at $2.76, just one day after a two-year high of $4.37. ARTW has been particularly volatile during the past few weeks, logging four days of double-digit percentage moves, though the 10-day moving average has helped keep the shares at a 50.3% year-to-date lead. 


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