Dow Maintains Morning Gains, Nasdaq Notches Record High

Several M&A deals are making headlines today, too

Deputy Editor
Jul 6, 2020 at 12:30 PM
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The Dow Jones Industrial Average (DJI) is maintaining its early morning gains, up nearly 370 points at the midway mark, shaking off an alarming spike in coronavirus cases in the U.S. Several notable acquisitions are making headlines today, including Warren Buffet-owned Berkshire Hathaway's (BRK) purchase of Dominion Energy (D) and Uber's (UBER) procurement of food-delivery app Postmates. The S&P 500 (SPX) and Nasdaq Composite (NDX) are also higher, with the latter capturing yet another all-time high. Both indexes are pacing for their fifth consecutive wins.  

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

  • All-time highs are within sight for REGN.
  • Why bulls should bet on ZTO's next move with options right now.
  • Plus, TME call volume surges; AYRO tramples key trendline; and AMC takes a coronavirus-related hit.

Midday Market Stats July 6

China-based music service Tencent Music Entertainment Group - ADR (NYSE:TME) is seeing plenty of activity in its options pits today, with 57,000 calls traded so far -- eight times the intraday average -- compared to just 1,529 puts. The most popular is the July 14 call, followed by the 16 call from the same monthly series, with new positions being opened at the latter. A sector boost for U.S.-listed Chinese stocks is driving TME higher. The equity is trading at a 12-month high, last seen up 8.8% at $15.40. 

News that AYRO Inc (NASDAQ:AYRO) just completed its factory expansion, allowing it to handle up to 600 electric vehicles a month, has more than doubled the stock by midday. The equity is one of the best performers on the Nasdaq, up 122.9% at $7.29 at last check, and earlier hit an annual high of $8.18. Plus, AYRO just toppled its 320-day moving average, which has kept a lid on the shares since 2014. 

One of the worst performers on the New York Stock Exchange (NYSE) is AMC Entertainment Holdings Inc (NYSE:AMC), which is continuing to suffer as coronavirus cases rise. The security is down 6.1% at $4.26 at last check with pressure at the 60-day moving average keeping its head underwater. Year-to-date, AMC is down 41.9%. 

AMC Chart July 6

 

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