All three benchmarks are heading toward their fourth-straight weekly losses
The Dow Jones Industrial Average (DJI) is up nearly triple digits midday, rebounding from its morning losses. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also in the black, though all three benchmarks are still heading for their fourth-straight weekly losses. As investors search for clues that could boost stocks from their recent sell-off, Washington D.C. struggles to agree on a second stimulus package. Meanwhile, gold is on track for its worst weekly deficit since March, pacing for a 4.9% weekly drop.
Continue reading for more on today's market, including:
- Blue-chip stock highlighted amid aircraft update.
- FAANG stock rising despite Ireland tax buzz.
- Plus, GNUS sees option volume after streaming deal; MRNS soars on drug trial report; and Rite Aid stock hit with price-target cuts.
One stock seeing notable options activity is Genius Brands International Inc (NASDAQ:GNUS), up 14.9% at $1.19 after a deal with Samsung, which will start streaming Kartoon Channel! on its Smart TV's. So far, 45,000 calls have crossed the tape -- 14 times what's typically seen at this point and almost 10 times the number of puts traded. Most popular is the weekly 10/2 1.50-strike call, where new positions are being opened.
Surging on the charts today is Marinus Pharmaceuticals Inc (NASDAQ:MRNS), up 18.3% at $12.66 at last check, after providing an update on phase 3 of its epilepsy drug. The company has fulfilled the Food and Drug Administration (FDA) questions, and patient enrollment will begin in October. MRNS is up 33% in 2020 now, but is still a ways off its Sept. 15 annual high of $16.28.
Meanwhile, dropping lower on the New York Stock Exchange (NYSE) is Rite Aid Corporation (NYSE:RAD), down 11.4% at $9.73 at last check, after Deutsche Bank and J.P. Morgan Securities lowered their price targets to $9 and $13, respectively. Extending yesterday's steep fall and nearing its mid-March lows, RAD is down 36.4% year-to-date.
