Markets Mixed Amid Conflicting Second Stimulus Sentiment

Big Tech is weighing on the Nasdaq

Deputy Editor
Aug 10, 2020 at 12:00 PM
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The Dow Jones Industrial Average (DJI) is up over 200 points midday, with Nike (NKE) and Boeing (BA) leading the charge. The S&P 500 Index (SPX), however, is hovering below fair value, while the Nasdaq Composite (IXIC) is deeper in the red as various Big Tech stocks struggle. Though sentiment was boosted by U.S. President Donald Trump's executive action concerning second coronavirus relief bill and unemployment benefits, there are still legal challenges that involve Congress signing off on decisions. 

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

  • This hotel stock just saw its first quarterly loss in nine years. 
  • Call traders are clamoring over Canopy Growth stock. 
  • Plus, RIG options traders eye LEAPS; Omeros stock surges on coronavirus study; pharmaceutical stock falters on FDA request. 

MMC August 10

One stock seeing notable activity in its options pits is oil and drilling company Transocean Ltd (NYSE:RIG), last seen up 7.5% at $2.40. RIG is seeing notable resistance from its 150-day moving average, which coincides with the $2.50 level. So far, 87,000 calls and 85,000 puts have crossed the tape, 49 times what's typically seen and volume pacing for the 100th percentile of its annual range. The two options seeing the near entirety of this volume are the January 5 call and January 1 put, with new positions being opened at both. In addition to traders opening LEAPS, there are also new positions being opened at the November 2 put.

RIG mmc

At the top of the Nasdaq today is Omeros Corporation (NASDAQ:OMER), up 55.4% at $21.95 at last check, and hitting a two-year high of $25.46 out of the gate. This surge comes after the biotech company reported positive data -- full recovery from severe cases of coronavirus -- from a six-patient study for its drug meant to treat acute respiratory distress syndrome associated with Covid-19. The equity is now up 62.2% year-to-date. 

Conversely, dropping toward the bottom of the Nasdaq is Reata Pharmaceuticals Inc (NASDAQ:RETA), down 29% at $110.87 at last check. The company reported narrower-than-expected second-quarter losses as well as revenue above estimates, but the main mover is likely the Food and Drug Administration (FDA) requesting a second trial for Reata's genetic disorder drug. Currently, RETA is trading at its lowest point since last October, and now down 51.7% in the last six months. 


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