Market Moves Higher on Positive Coronavirus Updates

Oil prices are rising due to tropical storms

Deputy Editor
Aug 24, 2020 at 12:13 PM
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The Dow Jones Industrial Average (DJI) is up over 250 points midday, extending its morning gains as coronavirus cases fall. Furthermore, the U.S. government is considering fast-tracking a U.K. coronavirus vaccine for use, and the Food and Drug Administration (FDA) Sunday issued an emergency use authorization of convalescent plasma for COVID-19 patients -- which U.S. President Donald Trump stated cut the mortality rate by 35%. In response, various travel stocks are rising.

Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are still in the black, though Apple (AAPL) and Microsoft (MSFT) pulled back from their earlier rallies. In other news, TikTok is suing the U.S. over its ban and oil prices are rising as a pair of tropical storms batters the Gulf of Mexico. At last check, October-dated crude is up 0.6% at $42.59.

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

  • Moderna stock dips despite enrollment buzz. 
  • Social media giant eyes record high amid bull notes. 
  • Plus, Victoria's Secret parent sees call volume surge; TA rises on initiated coverage; and ODT plummets amid trial announcements. 

mmc August 24

One stock seeing notable activity in its options pits is L Brands Inc (NYSE:LB), up just 1.2% at $29.60 at last check. LB was moving higher earlier, which may have stemmed off of the company's stellar second-quarter earnings last Wednesday, which lead to two days' worth of bull notes from analysts. So far, 45,000 calls have crossed the tape -- 20 times what's typically seen at this point. Most popular by far, with 40,827 traded, is the weekly 9/4 33-strike call, where new positions are being opened.

One stock scaling the Nasdaq today is TravelCenters of America Inc (NASDAQ:TA), last seen up 17% at $20.20, after BTIG initiated analyst coverage with a "buy" rating and $34 price target. Looking to close above the $20 region for the first time in about a month, the equity is gapping above pressure at the $18, which has been kepping a tight lid on the shares. Year-to-date, the equity is up 18.5%. 

TA mmc August 24

Conversely, dropping lower on the Nasdaq is Odonate Therapeutics Inc (NASDAQ:ODT), down 32.5% at $22.63 at last check. This fall comes despite the company announcing a positive late-stage trial of its chemotherapy agent. Now dropping below $24 for the first time since late March, the equity is down 30.7% in the last six months. 


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