S&P Eyes Record Close on Moderna, Big Tech

The SPX is eyeing a record closing high

Deputy Editor
Aug 12, 2020 at 12:08 PM
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The Dow Jones Industrial Average (DJI) is up over 240 points midday as stock sentiment lifts on word that the U.S. government will purchase 100 million doses of Moderna's (MRNA) coronavirus vaccine -- currently in late-stage human trials. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also in the black, with the former nearing its Feb.19 all-time closing high and the latter boosted by a rebound in Big Tech. Overall, the market is looking to come back from yesterday's losses, though news is slow-coming in terms of economic data and the second coronavirus relief bill. 

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

  • Oil and gas giant rises after analyst bull note. 
  • Tesla stock drives higher on stock split announcement. 
  • Plus, restaurant stock sees options surge; CBMG soars after take-private deal; and SRNE falls from its recent rally. 

mmc august 12

One stock seeing notable activity in its options pits is Brinker International Inc (NYSE:EAT), up 4.7% at $31.60 at last check. So far, 6,400 calls and 937 puts have crossed the tape -- nine times what's typically seen at this point. The September 35 call is the most popular, followed by the October 40 call, where new positions are being opened. Today's options surge comes after the Maggiano's parent forecast a smaller than expected fiscal first-quarter loss. Regardless, EAT still maintains a 22% year-to-date deficit. 

One stock scaling the Nasdaq today Cellular Biomedicine Group Inc (NASDAQ:CBMG), up 35% at $19.26 at last check, after a consortium of management and investors agreed to purchase the stock in a "take-private" transaction, at $19.75 per share. Gapping above the $19 region for the first time since March 2019, the equity is now up 18.7% year-to-date, and earlier touched a fresh annual high of $19.50. 

Conversely, dropping on the Nasdaq is Sorrento Therapeutics Inc (NASDAQ:SRNE), last seen down 18% at $11.55. Though the reason for the drop is unclear, today's intraday low of $10.60 landed the stock a chip-shot from support at the 20-day moving average. Meanwhile, the equity is up around 50% in the last monthly period. 

SRNE mmc august 12

 

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