The Dow is down around 60 points midday
After notching four straight wins, the Dow Jones Industrial Average (DJI) is reversing its gains, last seen down just over 60 points, as Walt Disney (DIS) suffers side effects from a Cowen downgrade. The Nasdaq Composite (IXIC) fell as well, as shares of Amazon.com (AMZN) and Microsoft (MSFT) are leading the tech sector down -- each declining around 2%. Elsewhere, the S&P 500 Index (SPX) pulled back a little by midday, on reports that weekly jobless claims came in worse than expected. According to the Labor Department, 1.3 million Americans filed for unemployment benefits last week.
Meanwhile, oil prices are down after the Organization for Petroleum and Energy Countries and allies (OPEC+) agreed to ease record supply cuts. Losses were softened on hopes of quick U.S. demand pick-up, however. At last check, oil for August delivery is down 0.3% at $41.06 per barrel.
Continue reading for more on today's market, including:
- Dollar Tree stock is rising on a bull note.
- Hackers targeted high-profile accounts send TWTR sinking.
- Plus, SPCE calls send the stock soaring; InnerWorkings stock is surging; and TCDA is sinking on FDA scrutiny.
One stock seeing ample activity in its options pits is Virgin Galactic Holdings Inc (NYSE:SPCE), with over 117,000 calls being exchanged so far today -- four times the intraday average -- compared to just about 14,000 puts after the company named Michael Colglazier its new CEO. The most popular is the July 20 call, followed closely by the weekly 07/24 20-strike call, with new positions being opened at both. The stock is up 11.3% at $20.64 on the day, and 74.6% year-to-date.
One of the best performing stocks on the Nasdaq today is InnerWorkings, Inc. (NASDAQ:INWK), last seen up 121.2% at $2.92 after announcing it was acquired by HH Global. Today's announcement sent INWK soaring to a quarter-to-date lead of 120.8%, though the equity still has a ways to go if it hopes to overcome the 47.1% year-to-date deficit it's currently in.
Meanwhile, one of the worst performers on the Nasdaq today is Tricida Inc (NASDAQ:TCDA). This comes after the FDA flagged deficiencies in the company's labeling and postmarketing requirements for Tricida's veverimer, a medication for patients suffering from chronic kidney disease. At last check, TCDA is off 35.3% at a new all-time low of $16.22, and continues to face pressure from the 60-day moving average. Year-to-date, Tricida stock is off 55.5%.