Stocks Flailing Amid COVID-19 News, Tech Troubles

Netflix (NFLX) is dragging down the tech sector

Deputy Editor
Jul 17, 2020 at 12:05 PM
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After inching higher to begin the day, the Dow Jones Industrial Average (DJI) is treading the line between losses and gains at midday. The blue-chip index was last seen down around 60 points, as coronavirus cases continue to surge across the U.S. The S&P 500 Index (SPX) and tech-heavy Nasdaq Composite (IXIC) have pared their losses to tread water, despite FAANG giant Netflix (NFLX) suffering a 7% post-earnings drop. As the week draws to a close, the Dow and S&P 500 are holding on to weekly wins, while the Nasdaq is staring at a weekly loss.

Meanwhile, despite the growing uncertainty surrounding the global recovery from the COVID-19 pandemic, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is cruising toward its fifth straight weekly loss.

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

  • Job cuts are doing little to stifle Microsoft stock
  • BLK is pivoting higher after blowout earnings.
  • Plus, UAA calls flying off the shelves; RumbleON scaling Nasdaq; and Cytokinetics stock tanks after stock offering.

Midday Market Stats July 17

One stock seeing ample activity in its options pits is Under Armor Class A (NYSE:UAA). At last check, over 7,000 calls were being exchanged so far today -- four times the intraday average -- compared to just over 500 puts. This comes after the retailer announced its fiscal second-quarter earnings and conference call date. Most popular is the weekly 7/24 10-strike call, followed closely by the July 10.50 call. The stock is up 0.7% at $10.44 on the day, but still down 52% year-to-date. 

One of the best performing stocks on the Nasdaq today is RumbleON Inc (NASDAQ:RMBL), last seen up 124.3% at $24.04, after the company announced a pilot program with CarGurus (CARG) which will utilize RumbleON's technology and distribution services. RMBL now boasts a 46% year-to-date lead, though year-over-year RumbleOn stock is still down 72.4%.

Meanwhile, near the bottom of the Nasdaq's barrel today is Cytokinetics, Inc. (NASDAQ:CYTK). This comes after the company priced its public offering of over 7 million shares at $24, totaling $175 million. At last check, CYTK is off 9.5% to trade at $23.28, while also down 8.8% for the week. Despite the drop, the shares' 40-day moving average has stepped up as support today.

CYTK Chart July 17

 

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