Stocks Mixed as Bank Sector Surges

Easing bank regulations have been a boon for the sector today

Digital Content Manager
Jun 25, 2020 at 12:16 PM
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The Dow Jones Industrial Average (DJI) has pared some of its over 200-point losses this morning to trade shallowly in the red by the midway mark. The blue-chip index fought back from COVID-19 and jobless claims headwinds for a brief foray into the black, but has since turned back lower. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are also waffling at their respective breakevens midday. Elsewhere, the bank sector is jumping, amid news that U.S. banking regulators will start easing up on some restrictions that make it difficult for larger banks to make riskier investments.

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

  • Tech stock touts fresh high after earnings beat. 
  • A spike in California COVID-19 cases postpones the reopening of the happiest place on earth.
  • Plus, INO flies toward more record highs; EKSO gets FDA nod; and XERS breaches key level. 

Midday Market Stats Jun 25

Options players are targeting Inovio Pharmaceuticals Inc (NASDAQ:INO) today, with 91,000 calls and 39,000 puts across the tape so far -- four times the intraday average. Most popular is the weekly 6/26 30-strike call, where new positions are being opened. INO is up 15.6% at $27.60 after expanding its senior management team, which also sparked a price-target hike from Benchmark to $36 from $28. The biotech stock hit a fresh 16-year high earlier today and is pacing for a fourth consecutive win and best week since early March -- up 92.4% so far.

One of the best stocks on the Nasdaq today is Ekso Bionics Holdings Inc (NASDAQ:EKSO). The stock is up 126.1% at $6.98 after the biotech's received clearance from the Food and Drug Administration (FDA) to market its EksoNR exoskeleton device for rehabilitation use with acquired brain injury (ABI). The security conquered recent pressure at its 160-day moving average and is set for its highest close this year. 

On the other end of the Nasdaq is Xeris Pharmaceuticals Inc (NASDAQ:XERS) which is down 39.4% to trade at $3.22 after the firm launched concurrent $20 million stock and $60 million five-year convertible notes offerings in an attempt to raise capital.The security is pacing for its worst day on record, and just breached recent support at its 30-day moving average for the first time since late-April. 

 

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