Stimulus talks are upbeat, but going nowhere
The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are on track for their first weekly loss in three weeks, as bipartisan negotiations surrounding additional coronavirus-related stimulus -- despite being positive -- are going relatively nowhere. At midday, the blue-chip index is down 84 points, as millions of Americans are at risk of losing unemployment benefits in the new year. Elsewhere, the Nasdaq Composite (IXIC) is lower for the day and week as well, dragged down by shares of companies like United Airlines (UAL) and Tesla (TSLA). Lastly, sentiment surrounding advances in Pfizer (PFE) and BioNTech's (BNTX) is helping to keep a lid on losses, as the Food and Drug Administration (FDA) advisory panel recommended emergency approval for the COVID-19 vaccine.
Continue reading for more on today's market, including:
- SolarEdge stock brushes off a bull note.
- With earnings on the horizon, is PGR a buy?
- Plus, LULU options volume surging after earnings; Disney+ updates are boosting the equity; and more on SRG's fall on the charts.
Following an earnings and revenue beat, Lululemon Athletica Inc (NASDAQ:LULU) is one stock seeing an incredible amount of options activity today. With the CFO saying the company's upcoming quarter would see more moderate online sales, the equity was last seen down 6.2% to trade at $345.89. So far today, 32,000 calls and 22,000 puts have already crossed the tape -- 10 times the intraday average and volume pacing in the 99th percentile of its annual range. Most popular by far is the weekly 12/11 340-strike put, followed by the December 350 put, with new positions being opened at both. Longer term, Lululemon stock has tacked on 97.6% in the last nine months.
Meanwhile, one stock surging on the New York Stock Exchange (NYSE) today is Walt Disney Co (NYSE:DIS), last seen up 10.2% at a new all-time high of $178.52, after the company announced a slew of new movies and shows for its thriving Disney+ streaming service, and an estimate subscriber growth of up to 260 million by 2024. Members are also going to see a $1 monthly price increase for the platform. DIS is now up 18.4% year-to-date.
At the other end of the NYSE, Seritage Growth Properties (NYSE:SRG) is down 12.7% to trade at $14.96, after the company's CEO Benjamin W. Schall announced he will be resigning in favor of another opportunity. SRG is now down 61.3% in 2020, with the equity poised to close below its 20-day moving average for the first time since Nov. 6.
