Dow on the Rise to Start Thanksgiving Week

The Nasdaq and Big Tech are lower today

Assistant Editor
Nov 23, 2020 at 11:56 AM
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The Dow Jones Industrial Average (DJI) is up over 150 points midday, after AstraZeneca (AZN) became the most recent drug stock to boost the market with upbeat vaccine data. The London-based drugmaker announced that their candidate --in collaboration with the University of Oxford -- was 90% effective. Furthermore, as cases continue to spike, U.S. health officials revealed over the weekend that they will allow emergency use of Regeneron's (REGN) antibody drug to help the immune system fight COVID-19 -- the same cocktail that President Donald Trump was given when he was fighting the virus last month. Meanwhile, the S&P 500 Index (SPX) is just above breakeven, while the Nasdaq Composite (IXIC) sits firmly in the red as Big Tech stocks falter.

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

  • Reasons FIVE's high valuation could pose a problem.
  • Tiffany stocks' intriguing chart setup ahead of earnings.
  • Plus, options bulls eye MGNI after price-target hike; renewable energy stock soars; and MEG drops on share offering.

MMC Nov 23

One stock seeing notable options activity today is Magnite Inc (NASDAQ:MGNI), up 9.4% at $16.10 at last check, after Needham raised its price target to $18 from $15. So far, 20,000 calls have crossed the tape -- seven times what's typically seen at this point. Most popular is the December 17.50 call, where new positions are being opened.  Hitting a fresh four-year high of $16.45 earlier, the equity is now up 94.2% year-to-date. 

MGNI mmc

Meanwhile, renewable energy stock Beam Global (NASDAQ:BEEM) is soaring to a new nine-year high, up 45.4% at $36.80 at last check. Last week, the company was awarded the GSA MAS contract to provide solar products to Federal agencies. Likely still rising on the news, BEEM is up 62.8% in the last week.

Elsewhere, dropping on the New York Stock Exchange (NYSE), Montrose Environmental Group Inc (NYSE:MEG) is down 13.6% at $29.08 at last check. The company announced its secondary offering of up to 4.9 million shares. Now contending with its 20-day moving average, which has served as support since mid-October, the stock is still up 16% in the last three months. 

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