The Dow is up over 400 points midday
The Dow Jones Industrial Average (DJI) is up over 400 points midday, extending this morning's gains after a rough end to October. Brushing off rising coronavirus cases and international news of England's newly-issued a stay-at-home order, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also posting gains ahead of tomorrow's U.S. presidential election. Data from the Institute for Supply Management is also boosting the market, with reports that its manufacturing index reached a two-year high in October.
Continue reading for more on today's market, including:
- Options traders chime in after CLX cleaned up in its quarterly report.
- Eight cannabis stocks to watch before this weeks legal decisions.
- Plus, EIGI sees options volume on acquisition buzz; KE rises ahead of earnings; cruise stock drops on dismal news.
One stock seeing notable options activity today is Endurance International Group Holdings Inc (NASDAQ:EIGI), up a whopping 62% at $9.41. Today's jump came after news that Clearlake Capital Group will acquire the company, taking it private, for $9.50 per share, along with EIGI's third-quarter earnings and revenue beat. To follow, 5,279 calls and 892 puts have crossed the tape -- 21 times what's typically seen at this point. Most popular by far is the November 5 call. After middling below the $6.50 region since late July, today's surge has EIGI up 100% year-to-date.
Meanwhile, Kimball Electronics Inc (NASDAQ:KE) is also surging, up 26.3% at $15.31 at last check. After last session's close, the single analyst in coverage anticipated fiscal first-quarter earnings -- which are due out Nov. 4 -- of 33 cents per share. The analyst also holds a "strong buy" on KE, which is now soaring up to familiar pressure at the $16 region. Year-to-date, the equity is down 9.6%.
Meanwhile, dropping lower on the New York Stock Exchange (NYSE) is Norwegian Cruise Line Holdings Ltd (NYSE:NCLH), down 7.3% at $15.41 at last check. Today's negative price action comes after the company once again extended its cruise suspension due to the coronavirus. With a ceiling at the $18 region since June, the descending 180-day moving average has also moved in as pressure. Year-to-date, the equity is down 71%.