Dow Eyes Third-Straight Triple-Digit Win as Nasdaq Soars

Tech stocks are helping the Nasdaq toward its best day since April

Assistant Editor
Nov 4, 2020 at 12:00 PM
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The broader market is rallying midday, with the Dow Jones Industrial Average (DJI) up over 650 points and on track for its third-straight triple-digit gain, as well as its best single-session gain since May 18. The blue-chip index has tacked on over 1,500 points in the first three trading days of the week, and today's rise comes despite much lower-than-expected jobs data that showed companies adding 365,000 positions in October as opposed to Wall Street's estimated 600,000.

The Nasdaq Composite (IXIC) is enjoying a 420-point pop at last check, on track for its best day since April 6 as tech stocks soar. The still-uncertain election, which garners most of today's focus, seems to have surprisingly little adverse affects on the indexes, while Wall Street's "fear gauge," the Cboe Volatility Index (VIX), heads toward its worst day since March 13.

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

  • Hotel stock rises on surprise profit beat
  • Analyzing Wendy's stock amid quarterly earnings. 
  • Plus, options bulls blast ABBV; BIIB eyes best day ever on Alzheimer's drug news; and the agricultural stock plummeting.

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One stock seeing notable options activity on the New York Stock Exchange (NYSE) today is AbbVie Inc (NYSE:ABBV), up 9.5% to trade at $96.35, its highest level since August. Today's positive price action comes after a price-target hike from UBS to $118 from $110, and options bulls are taking note. So far, 46,000 calls have crossed the tape -- nine times what's typically seen at this point. The January 100 call is most popular, followed by the November 97.50 call, with new positions being opened at the latter. Year-to-date, the stock is now up 8.9%. 

Elsewhere in the biotech sphere, Biogen Inc (NASDAQ:BIIB) is soaring up 29.5% at $319.87 at last check, after the U.S Food and Drug Administration (FDA) announced that the company's Alzheimer's drug has substantial evidence to back its approval. Now trading at levels not seen since May, BIIB is on track for its best single-session gain ever, and is now up 15% in 2020. 

On the other hand, Andersons Inc (NASDAQ:ANDE) is down 18.3% to trade at $18.33, despite the agribusiness reporting narrower-than-expected third-quarter losses per share, as well as a revenue beat. Today's bear gap has ANDE dropping far below support at the 20-day moving average, a trendline that served as support since early August. 

ANDE mmc

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