The Nasdaq is posting impressive gains after two-straight days of triple-digit losses
The Dow Jones Industrial Average (DJI) is modestly higher midday, off from its session highs of 150 points but still scoring a new intraday record high and heading for its seventh win in the last eight trading days. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are firmly in the black as well, with the latter up triple-digits after two-straight days of steep losses as tech stocks rebound. As coronavirus cases continue to rise, upbeat sentiment from Pfizer and BioNTech's vaccine news is still carrying the market, as well as Eli Lilly's (LLY) antibody drug news. Meanwhile, the U.S. bond markets are closed for Veteran's Day.
Continue reading for more on today's market, including:
- Offering up an assessment of Home Depot stock and its dividend benefits.
- A look at this software stock ahead of earnings.
- Plus, drug stock getting options trader love; Revlon stock popping on bondholder buzz; and PNTG gapping lower despite earnings beat.
One stock seeing notable options activity today is Five Prime Therapeutics Inc (NASDAQ:FPRX), up 231.5% at $17.70 after its experimental therapy showed promising mid-stage trial data to treat gastric cancer. To follow, Wells Fargo upgraded the stock to "overweight," and raised its price target alongside two other brokerages. So far today, 41,000 puts have crossed the tape -- for context purposes, usually only four contracts are trading by this time of day. Most popular is the November 7.50 strike-put, where new positions are being opened. Gapping to a record high, FPRX is up around 290% year-to-date.
Meanwhile, scaling the New York Stock Exchange (NYSE) is Revlon Inc (NYSE:REV), up 53.8% at $13.52 at last check, after the company announced that more bondholders are supporting its debt-restructuring offer -- which would help the company avoid bankruptcy. Now trading at levels not seen since June, today's earlier pullback was caught by the 140-day moving average, which the stock broke past yesterday for the first time since February.
Elsewhere, Pennant Group Inc (NASDAQ:PNTG) is down 12.3% at $40.64 at last check. Today's drop comes despite a better-than-expected third-quarter report, during which the company announced its full-year forecast. Now, the stock is plummeting to meet support at the 60-day moving average, and is still up 24% year-to-date.