Stocks Fall as Billion-Dollar Liquidation News Weighs

Both tech and bank stocks are struggling today

Assistant Editor
Mar 29, 2021 at 12:17 PM
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The Dow Jones Industrial Average (DJI) is down over 75 points midday. Bank stocks are putting pressure on the blue-chip index, after word came that Hwang’s Archegos Capital Management sold some $30 billion in holdings. Falling government bond yields aren't helping banks much either. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are in the red as well, with the former down triple-digits as tech also takes a tumble on news of the firm's forced liquidation. Meanwhile, investors cheered the refloated Ever Given ship, which had been a deadweight on the global economy in its stuck state. 

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

  • Options bulls flock to Twitter stock after upgrade.
  • Why CALM is failing to capitalize on its earnings beat
  • Plus, options bulls eye MAXR after army contract; FLY takes off on buyout buzz; and ORPH falls after trial results. 

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One stock seeing a surge in call volume on the New York Stock Exchange (NYSE) today is Maxar Technologies Inc (NYSE:MAXR). So far, 13,000 calls have crossed the tape, which is 12 times what's typically seen at this point. The April 45 call is by far the most popular, where new positions are being opened. MAXR is down 1.7% to trade at $36.99 at last check, after the company was awarded a $48.3 million contract from the U.S. Army. Year-over-year, the security is up an impressive 233.9%. 

One of the top performing stocks on the New York Stock Exchange (NYSE) is  Fly Leasing Ltd (NYSE:FLY). The stock is adding to this mornings gains, and was last seen up 25.6% to trade at $16.64 on news that Carlyle Aviation will acquire the company for $17.05 per share. Trading at fresh annual highs as well as gapping to pre-pandemic levels, the equity is now up 141.5% year-over-year. 

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Orphazyme A S ADR (NASDAQ:ORPH) is one of the worst performers on the Nasdaq this afternoon, down 31.5% to trade at $8.49 at last check. This negative price action comes after the company announced that its Inclusion Body Myositis (IBM) drug candidate, arimoclomol, did not meet main or secondary goals in a late-stage trial. Now gapping to an all-time low, ORPH is down around 21% year-to-date. 

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