Dow Extends Slide Amid Rising Coronavirus Restrictions

Worse-than-expected weekly jobs data is also pushing sentiment lower

Deputy Editor
Nov 19, 2020 at 11:57 AM
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The Dow Jones Industrial Average (DJI) is down over 110 points midday as employment data disappoints, with the 742,000 initial jobless claims piling up last week higher than the expected 710,000. Meanwhile, the S&P 500 Index (SPX) is marginally in the red, while the Nasdaq Composite (IXIC) sits modestly in the black as Big Tech stocks post slight gains. Rising coronavirus cases, and the subsequent restrictions in many states, are putting heavy pressure on the market. However, the ongoing stream of vaccine updates have carried the recent positive sentiment and continue to stand in the way of further losses. 

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

  • AstraZeneca is the latest drugmaker to provide a vaccine update.
  • Analyzing Campbell Soup stock ahead of earnings. 
  • Plus, COTY options red-hot after upgrade; Sonos stock soars after quarterly report; and EBON plummets to multi-month low.

MMC Nov 19

One stock seeing notable options activity on the New York Stock Exchange (NYSE) is Coty Inc (NYSE:COTY), up 13.4% at $6.01 after Citigroup upgraded the stock to "buy" from "neutral" with a price-target hike to $10 from $4.50. So far, 41,000 calls and 3,655 puts have crossed the tape -- call volume that is 11 times what's typically seen at this point. The May 6 call is the most popular, with new positions are being opened there. Although up 34% in the last week and trading at its highest point since April,COTY remains down 46.4% year-to-date. 

COTY mmc

Meanwhile, Sonos Inc (NASDAQ:SONO) is soaring up 27.7% to trade at $21.81 after the speaker company reported fiscal fourth-quarter earnings and revenue beats, as well as a 2021 forecast that exceeded estimates. To follow, no fewer than three analysts raised their price targets, with RBC and D.A. Davidson hiking theirs up to $24. Today's bull gap has the stock at a two-year high, and up 55.2% in the last three months.

On the other end of the spectrum, China-based computer hardware stock Ebang International Holdings Inc (NASDAQ:EBON) is down 26.2% at $5.33, after announcing pricing of $5.24 per unit on its follow-on public offering of 4 million units. Now trading at its lowest level since August, the stock is down 40% in the last month. 

 

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