Dow Narrows Losses as Tech Inches Higher

The Dow has pared an over 200-point loss from the morning

Deputy Editor
Sep 24, 2020 at 12:00 PM
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The Dow Jones Industrial Average (DJI) is flat midday, but has pared steeper losses as Big Tech bounces back. The blue-chip index was down 226 points at its session lows amid a roller-coaster morning, but has slowly climbed into positive territory. The S&P 500 Index (SPX) is hovering above breakeven, while the Nasdaq Composite (IXIC) sits comfortably in the black, as investors weigh new home sales that came in above expectations for August. However, first-time and continuing jobless claims were both higher than anticipated. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is on track for its highest close in two weeks.

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

  • Broadcasting stock surges on billion-dollar deal. 
  • Olive garden parent on the rise after earnings. 
  • Plus, SeaWorld stock sees call surge; OMI rises with upped full-year guidance; and CarMax stock brushes off a quarterly beat. 

MMC Sep 24

One stock seeing notable options activity is SeaWorld Entertainment Inc (NYSE:SEAS), last seen down 1.1% at $18.90. So far, 16,000 calls have crossed the tape -- 14 times what's typically seen at this point and volume pacing for the 99th percentile of its annual range. Making up most of this bullish options volume is the December 25 call, where it looks like sell-to-open activity is detected. Sellers of these calls are banking on the $25 level to serve as a ceiling come December. 

Surging on the New York Stock Exchange (NYSE) today is Owens & Minor Inc (NYSE:OMI), up 51.4% at $20.88 at last check, after the medical device maker upped its full-year guidance. To follow, Baird raised its price target to $34 from $21. Gapping to a fresh two-year high out of the gate today, the equity is up 307.3% year-to-date. 

Meanwhile, CarMax Inc (NYSE:KMX) is down 11.1% at $94.19 at last check, brushing off the company's better-than-expected second-quarter earnings and revenue as used car inventory drops amid the demand rebound. The 60-day moving average, which has caught KMX's pullbacks, has been breached for the first time since May. Year-to-date, the equity remains up 6.4%. 

KMX mmc

 

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