Stocks Starting New Month on an Upbeat Note

There's tension in Washington D.C. over a second COVID-19 stimulus package

Deputy Editor
Oct 1, 2020 at 11:58 AM
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The Dow Jones Industrial Average (DJI) is comfortably up triple-digits midday, shaking off nervous sentiment over the second stimulus package. Last night, the House delayed a voted on the Democrats' proposed $2.2 trillion deal, but House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin continue to work on an agreement today. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also firmly in the black, as various Big Tech stocks post solid gains. Meanwhile, investors are breaking down a mixed bag economic data, as the Purchasing Managers' Index (PMI) slipped to 55.4 from 56 for September, while first-time weekly jobless claims came in at 837,000, better than the expected 850,000.

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

  • Soda giant slips despite a quarterly beat. 
  • Oil stock receives bear note amid its workforce reduction plan
  • Plus, STM options traders eye multi-year ceiling; ENLV surges on COVID-19 vaccine; and LOGC drops on a brutal stock offering. 

MMC Oct 1

One stock on the New York Stock Exchange (NYSE) seeing notable options activity is STMicroelectronics NV (NYSE:STM). The stock is gapping to a new 18-year high of $33.30 out of the gate this morning, after the semiconductor concern's preliminary third-quarter revenue report beat expectations and boosted its full-year guidance. After which, Craig Hallum raised its price target to $38 from $36. So far, 16,000 calls have crossed the tape -- eight times the volume typically seen at this point and 12 times the number of puts traded. Most popular is the October 35 call, followed by the 40 call in the same session, where sell to open activity is occurring.

Surging on the Nasdaq today is Enlivex Therapeutics Ltd (NASDAQ:ENLV), up 45% at $8.60 at last check, after the company announced positive data from its COVID-19 vaccine trial results. Although still barely trading above its year-to-date breakeven, ENLV traded as high as $11.83 earlier, and is on track for its biggest single-session gain since October 2017. 

Meanwhile, dropping lower is LogicBio Therapeutics Inc (NASDAQ:LOGC), last seen down 32.3% at $6.15, after announcing a deeply discounted public offering of its common stock at a 34% discount from Wednesday's close. Now dropping back to the $6 region, which has served as support during various pullbacks this month, the stock is down 16.5% year-to-date. 

LOGC mmc

 

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