All three major benchmarks are in the black midday
The Dow Jones Industrial Average (DJI) is up over 450 points midday, earlier hitting an all-time intraday high and on track for a record close. Stocks gained a massive boost in sentiment after the most recent upbeat vaccine update, with Moderna (MRNA) announcing that following a preliminary trial, its coronavirus vaccine is more than 94% effective and remains stable at 36 to 46 degrees Fahrenheit.
The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also in the black, with the tech-rich latter paring earlier losses from falling "stay-at-home" stocks. Market gains today are likely capped by rising coronavirus cases all over the U.S., with more than 11 million Covid-19 infections confirmed, according to data from Johns Hopkins University.
Continue reading for more on today's market, including:
- The reopening stock looking to dig itself out of penny stock territory.
- An analysis of Dell Technologies stock ahead of earnings.
- Plus, options bulls pick up retail stock; HDS boosted by billion-dollar buyout; and RAPT plummets despite revenue beat.
One stock seeing notable options activity on the New York Stock Exchange (NYSE) is American Eagle Outfitters (NYSE:AEO), up 2.1% at $15.43 at last check, after a price-target hike from Barclays to $19 from $18. So far today, 11,000 puts and 6,073 calls have crossed the tape -- seven times what's typically seen at this point. The December 13 put is the most popular, with new positions being opened there.
Meanwhile, HD Supply Holdings Inc (NASDAQ:HDS) is soaring, up 24.2% at $55.66 at last check, and earlier hitting a record high of $55.89. Today's bull gap comes after the announcement that Home Depot (HD) will acquire the company for $56 per share in an $8 billion deal. HDS is now up 38% in 2020.
On the other end of the spectrum, RAPT Therapeutics Inc (NASDAQ:RAPT) is down 48.5% at $15.70, its lowest level since May. The company reported wider-than-expected third-quarter losses per share, but also revenue that beat estimates. Furthermore, Rapt reported positive data from its ongoing FLX475 trial in multiple cancer indications. In the past month, the stock is down 60%.
