Stocks Mixed Ahead of Fed Speech

Better-than-expected jobs data is giving sentiment a lift

Deputy Editor
Mar 4, 2021 at 12:14 PM
facebook X logo linkedin


The Dow Jones Industrial Average (DJI) is up 70 points at midday, amid better-than-expected weekly jobs data, with initial jobless claims totaling 745,000 for last week. Meanwhile, the S&P 500 Index (SPX) is struggling for direction, while the Nasdaq Composite (IXIC) sit modestly in the red, as investors remain wary of the 10-year Treasury yield, which now holds at 1.46, and its effect on the tech sector. Looking for guidance on the economy, investors are eagerly awaiting remarks from Federal Reserve Chair Jerome Powell early this afternoon. Elsewhere, gold prices are near their lowest level in nine months. 

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

  • Fitness stock falters after analysts' weak growth forecast. 
  • SNOW is seeing a flurry of activity from analysts and option traders today. 
  • Plus, Option traders rush to FPRX after buyout; BURL shoots to record highs; and WPG hits fresh lows on bankruptcy buzz.

MMC0304

One stock seeing a surge in options activity today is Five Prime Therapeutics Inc (NASDAQ:FPRX). So far today, 6,100 calls and 17,000 puts have crossed the tape -- 112 times the usual daily volume already. Most popular is the March 35 put, followed by the March 40 call, with new positions being opened at both. Today's influx of trades comes after news Amgen (AMGN) will acquire the biotech company for $1.9 billion. The stock is surging in response to the news, too, up 77.9% at $37.83 at last check. 

Another stock soaring higher on the New York Stock Exchange (NYSE) today is Burlington Stores Inc (NYSE:BURL). The shares are up 12.6% at $285.71 at last check, after the department store retailer reported better-than-expected fourth-quarter earnings and revenue. Today's pop has BURL breaking out past pressure at the $272 level, staging a bull gap toward fresh all-time highs. Year-over-year, the stock is up around 30%. 

BURL MMC

Conversely, the shares of Washington Prime Group Inc (NYSE:WPG) are plummeting today. The equity is down 38.9% at $3.80, after a Bloomberg report came out that the mall real estate investment trust (REIT) is considering filing for bankruptcy. The security is trading at its lowest level on record today, breaching former support at the $6 mark earlier in the session. Year-to-date, WPG is down 42.6%. 

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI