Nasdaq Eyes Best Day in Months as Tech Stocks Bounce

The Nasdaq is up over 440 points midday

Assistant Editor
Mar 9, 2021 at 12:17 PM
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The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are both enjoying triple-digit gains midday, with the latter rallying over 440 points and headed for its best day since November as tech makes a comeback. The 10-Year Treasury yield, which has been a constant thorn in Big Tech's side during its recent rise, is finally on the decline, sitting around 1.56% this afternoon. The S&P 500 Index (SPX) is firmly in the black as well, amid news that the House of Representatives plans to pass the $1.9 trillion Covid-19 relief bill tomorrow morning. 

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

  • Quarterly report sends Stitch Fix stock spiraling. 
  • Peloton stock rises on overseas sales expansion.  
  • Plus, ACAD options take off amid drug setback; INVO flies on amended Ferring Pharma agreement; and WHD drops on share offering.

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One stock seeing a surge in options volume today is biotech name ACADIA Pharmaceuticals Inc (NASDAQ:ACAD). So far, 13,000 calls and 5,307 puts have crossed the tape -- already 45 times the intraday average. The January 2022 40-strike call is the most popular, where new positions are being opened. Acadia stock is currently plummeting, down 48.3% to trade at $23.69, to its lowest levels in over a year. The drop is related to a snag in the company's U.S. Federal Drug Administration's (FDA) application for its dementia drug. In response, Raymond James and Stifel downgraded the stock, while no fewer than 11 other analysts chimed in with price-target cuts. 

Invo Bioscience Inc (NASDAQ:INVO) is soaring today, up 181.4% at $8.75 at last check. This meteoric rise comes after news that the medical device company amended its commercialization agreement with Ferring Pharma. The favorable amendment will allow an increased number of company-owned clinics. This skyrocket has INVO shooting out of penny stock territory, earlier trading at an annual high of $12.30. 

Meanwhile, dropping lower on the New York Stock Exchange (NYSE) is oil equipment stock Cactus Inc (NYSE:WHD). The stock is down 13.8% at $33.33 at last check, after the company announced a secondary offering of its common stock. In response, Simmons Energy downgraded the stock to "neutral" from "overweight," though the firm also raised its price target to $32 from $26.50. Today's fall has WHD dropping off its a nearly two-year high, though the equity is still up around 129% year-over-year. 

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