Dow Eyes Third-Straight Loss as Nasdaq Propels to Record Close

Goldman Sachs hiked Amazon's (AMZN) price target to a record-high $3,800

Deputy Editor
Jul 20, 2020 at 12:08 PM
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While the Dow Jones Industrial Average (DJI) continues to struggle -- currently off 41 points at midday and heading for its third straight loss -- the other major indexes are enjoying modest rises. More specifically, the tech-laden Nasdaq Composite (IXIC) is surging toward a new record close after Amazon.com (AMZN) had its price target hiked by Goldman Sachs to $3,800, the highest on Wall Street. The S&P 500 Index (SPX) is comfortably in the black ahead of a packed week of corporate reports, while the Cboe Volatility Index (VIX) -- Wall Street's "fear gauge" -- heads toward its lowest close since June 8. 

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

  • Pay cuts will help Delta pilots avoid furloughs.
  • Noble Energy stock is soaring after a billion-dollar deal with Chevron.
  • Plus, call traders target more Zoom gains; IMRN flies up the charts; and NKLA sinks after new stock offering. 

Midday Market Stats July 20

One stock seeing decent activity in its options pits is Zoom Video Communications Inc (NASDAQ:ZM). At last check, over 30,000 calls were being exchanged so far today -- double the intraday average -- compared to 11,000 puts. Most popular are the weekly 7/24 260- and 270-strike calls, with new positions being opened at both. Zoom stock is now up 283.3% year-to-date, and was last seen 4.8% higher to trade at $258.25 today.

One of the best performing stocks on the Nasdaq today is biopharmaceutical concern Immuron Limited (NASDAQ:IMRN), last seen up 123.6% at $14.26. This comes after the company received written guidance from the U.S. Food and Drug Administration (FDA) regarding the company's gut infection drug. Today's news thrust Immuron stock's year-over-year lead up to nearly 347%.

Meanwhile, one of the worst performers on the Nasdaq today is Nikola Corporation (NASDAQ:NKLA), after the company filed a new stock offering of up to 53.4 million shares. A month removed from an all-time high, the alternative energy vehicle manufacturing company was last seen down 18.2% at $39.95, and is once again sitting below the 40-day moving average -- a trendline of support for the past month. Nikola stock is still up 280% year-to-date.

NKLA Chart 2 July 20

 

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