Stocks Extend Losses Despite Easing Inflation Fears

U.S. President Joe Biden will announce a Covid-19 vaccine collaboration later today

Assistant Editor
Mar 2, 2021 at 12:28 PM
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The Dow Jones Industrial Average (DJI) is down over 94 points at midday, extending this morning's losses despite surging during the previous session. Similarly, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are swimming in red ink, even after the 10-year Treasury yield pulled back to the 1.4% level, easing rising inflation fears. Investors are also keeping an eye on vaccine supply headlines, with U.S. President Joe Biden set to announce later today that Merck (MRK) will help make Johnson & Johnson's (JNJ) Covid-19 vaccine.

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

  • Analysts chime in on Zoom stock after a quarterly win.
  • Checking with this wholesale name ahead of earnings.
  • Plus, options bulls target AMRS after a revenue beat; RKT surges on upbeat outlook; and INSG drops following slew of bear notes.

MMC0302

One stock seeing a surge in options activity today is Amyris Inc (NASDAQ:AMRS). So far, 29,000 calls and 4,721 puts have crossed the tape -- nine times what's typically seen at this point. Most popular by far is the March 20 call, where new positions are currently being opened. At last check, AMRS is up 26.5% at $19.81, after the company posted a fourth-quarter earnings and revenue beat. Surging to a nearly five-year high of $20.88 earlier today, AMRS has added a whopping 634.7% in the last three months, while receiving support from the 20-day moving average. 

AMRS MMC

One stock surging higher on the New York Stock Exchange (NYSE) today is Rocket Companies Inc (NYSE:RKT), up 22.7% to trade at $29.77 at last check. Today's pop has the security pacing for its third-straight win, following the company's strong fourth-quarter results and current-quarter forecast. The security is also trading at its highest level since August, after overcoming overhead pressure at the $25.50. Quarter-to-date, RKT is up 45%.

Meanwhile, dropping lower on the Nasdaq is Inseego Corporation (NASDAQ:INSG). The shares are down 25.9% at $11.15 at last check, after the company reported worse-than-expected fourth-quarter losses of seven cents per share. In response, Canaccord Genuity and Stifel both downgraded the stock to "hold" from "buy," in addition to blasting it with price-target cuts. Cowen and Company followed suit, cutting its price target to $15 from $20. Year-over-year, INSG is still up 56.6%. 

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