Dow Eyes Four Straight as Disney Surges

Congress should reach a decision regarding coronavirus relief by the end of the week

Deputy Editor
Aug 5, 2020 at 12:03 PM
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The Dow Jones Industrial Average (DJI) is soaring for the fourth-straight day, up over 300 points while brushing off bleak ADP private payroll data as vaccine news and Walt Disney's (DIS) post-earnings pop boost the market. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also in the black, albeit modestly. Positive news regarding the second coronavirus aid bill looks to be leaning in the market's favor, as U.S. Treasury Secretary Steven Mnuchin announced yesterday evening that congress is working on reaching a deal by the end of the week. 

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

  • Analysts and options traders chime in on surging Disney stock
  • Pharma giant breaks above pressure after earnings. 
  • Plus, FTAI sees options volume surge; Novavax surges on a vaccine update; and Vapotherm plummets after quarterly report. 

MMC August 5

One stock on the New York Stock Exchange (NYSE) seeing notable activity in its options pits is Fortress Transportation and Infrastructure Investors LLC (NYSE:FTAI). The stock is up 2.6% at $15.39 after a price-target hike from JMP Securities to $22 from $20. So far, an even 19,000 calls and 19,000 puts have crossed the tape so far -- 34 times what's typically seen. Specifically, four particular options are responsible for this volume, and they are the November 15-strike call, the August 14-strike call, the November 14-strike put, and the August 13-strike put. 

One of the top performers on the Nasdaq today is Novavax Inc (NASDAQ:NVAX), up 13.5% at $178.35 at last check, earlier hitting a nearly five-year high of $189.40. Today's surge comes after positive data from coronavirus vaccine testing, inducing an immune response in an early study. In the last week, the equity has added 21.4%.    

Meanwhile, dropping to the bottom of the NYSE today is Vapotherm Inc (NYSE:VAPO), down 37.7% at $32.90 at last check. This slide comes despite the company reporting better-than-expected second-quarter losses per share, after which Canaccord Genuity raised its price target to $54 and BTIG cut its price target to $45. Now the stock has pulled back to within a chip-shot of its 100-day moving average,  but still sports a 170.5% year-to-date gain. 

VAPO Mmc

 

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