Blue-Chip Earnings Prop Up Dow While Nasdaq Slips

The Dow is on track for its highest close since June 10

Deputy Editor
Jul 21, 2020 at 11:46 AM
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The Dow Jones Industrial Average (DJI) is building off of yesterday's modest gains, last seen up nearly 300 points at midday and heading toward its highest close since June 10, thanks to a nifty batch of corporate earnings from blue-chips Coca-Cola (KO) and IBM (IBM). The S&P 500 Index (SPX) is also comfortably higher and eyeing a three-day win streak, while the tech-laden Nasdaq Composite (IXIC) hit an intraday record high before pulling back slightly.

Elsewhere, oil prices are surging, propped up by news about COVID-19 vaccine trials and a European Union (EU) stimulus deal. Black gold brushed levels that were last seen since early March, with crude for August delivery up 3.4% at $42.21, at last check.

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

  • Amazon stock is sinking after postponing Prime Day.
  • This defense contractor just scored a big earnings and revenue beat.
  • Plus, SPCE call options are soaring; sales forecast helps HIBB gap higher; and Acadia stock sinks on failed study.

Midday Market Stats July 21

One stock seeing notable activity in its options pits is Virgin Galactic Holdings Inc (NYSE:SPCE). At last check, over 101,000 calls were being exchanged so far today -- triple the intraday average -- compared to just 14,000 puts. Most popular are the weekly 7/24 25- and 30-strike calls, with new positions being opened at both. Virgin Galactic stock is now up 116.9% year-to-date, and was last seen 6.9% higher to trade at $24.57 today. 

One of the best performing stocks on the Nasdaq today is athletic store company Hibbett Sports, Inc. (NASDAQ:HIBB), last seen up 24.4% at $27.98. This comes after the company reported last night it expects a 70% rise in second-quarter comparable store sales. Year-over-year, Hibbett Sports stock is up 49.2%, but is still staring up at its year-to-date breakeven point.

Meanwhile, one of the worst performers on the Nasdaq today is Acadia Pharmaceuticals Inc. (NASDAQ:ACAD), after the company's late-stage depressive disorder study failed to meet its main goal. Two weeks removed from an all-time high, the biopharmaceutical stock was last seen down 18.6% at $45.12, and has surrendered its 80-day moving average -- a trendline the stock has claimed since early April. Acadia stock is still up 77.1% year-over-year.

ACAD Chart July 21


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