Stocks Bouncing Back, Set to Snap Skids

Job openings rose for the third-straight month

Assistant Editor
Sep 9, 2020 at 11:58 AM
facebook twitter linkedin

The Dow Jones Industrial Average (DJI) is up over 500 points midday, extending this morning's gains as the tech sector rebounds from its multi-day slump. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are also in the black, with all three indexes set to snap their three-day losing streaks.

Investors are so far brushing off the less-than-savory coronavirus vaccine news that AstraZeneca's (AZN) late-stage drug trial was put on hold due to a candidate's suspected negative reaction. Meanwhile, U.S. job openings increased by 617,000 to 6.6 million for July, rising for the third-straight month and surpassing analyst expectations -- though the pace of hiring fell to 4.1% from 5.1%.

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

  • This battery name is powering down amid a lawsuit.
  • See why Stitch Fix stock is weaving a path toward former highs. 
  • Plus, call traders pile on VSTO; drug stock touts bipolar depression therapy; and boatmaker drops after quarterly results. 

MMC Sep 9

One stock seeing notable options activity is Vista Outdoor Inc (NYSE:VSTO). So far, 24,000 contracts have crossed the tape, volume 17 times what is typically seen at this point and already at an annual high. Most popular are the September 17.50 and 22.50 calls, as well as the November 20 put. Though the reason for today's options surge is unclear, the recreational company was last seen down 3.9% at $17.60.  

Topping the Nasdaq today is Intra-Cellular Therapies Inc (NASDAQ:ITCI), soaring up 65.4% to trade at $30.22 at last check. This comes after the biotech company reported positive results from its late-stage bipolar depression therapy treatment. Now trading at levels not seen since January, the stock is up 197.5% year-over-year. 

On the other end of the spectrum is Mastercraft Boat Holdings Inc (NASDAQ:MCFT), last seen down 18.6% at $18.28, despite the boatmaker reporting narrower-than-expected fiscal fourth-quarter losses. The stock has been seeing pressure around the $21 region, and has now pulled back to its 100-day moving average. Nevertheless, the equity is still up 16.3% year-to-date. 

MCFT Sep 9


If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!

Schaeffer's Investment Research Master Portfolio Trial


Special Offers from Schaeffer's Trading Partners