Major Indexes Cool Off as Investors Begin Profit-Taking

Bitcoin is continuing to freefall

Deputy Editor
Apr 19, 2021 at 12:05 PM
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Following a record-breaking Friday session, the major benchmarks are pulling back as the tech sector cools off and investors move to profit-taking on bank stocks that surged last week. At last check, the Dow Jones Industrial Average (DJI) was down 139 points, just after logging its fourth-straight week of gains. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are both considerably lower at midday. Elsewhere, Bitcoin is making headlines today, after the cryptocurrency plunged following last Wednesday's all-time high.

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

  • This solar energy stock surged after a bull note.
  • Coca-Cola stock inches higher on earnings beat.
  • Plus, DIS calls pop on reopening plans; M&A news boosts MRLN; and one blank check stock falling on the charts.

Midday Market Stats April 19

One stock seeing unusual options activity is Walt Disney Co (NYSE:DIS). So far today, 59,000 calls have already exchanged hands, double what's typically seen at this point and nearly four times the amount of puts traded. The weekly 4/23 190-strike call is by far the most popular, and new positions are being opened here, followed by the 192.50-strike call from the same series. At last check, DIS is up 0.8% at $188.67, boosted by the theme park operator's plans to reopen Disneyland. With help from the 70-day moving average, DIS is fighting to reclaim its March 8 all-time high of $203.02, though the 40-day trendline is keeping pressure on the shares.

DIS Chart APril 19

Standing at the very top of the Nasdaq today is Marlin Business Services Corp. (NASDAQ:MRLN), last seen up 54.8% at $22.10 -- their highest level in well over a year. This surge comes after the capitol solutions company announced it will be acquired by HPS Investment Partners. Today's positive price action represents the equity's best single-day percentage leap since 2008, and year-over-year MRLN boasts a 193.2% lead. 

Meanwhile, near the bottom of the Nasdaq is Big Rock Partners Acquisition Corp (NASDAQ:BRPA) last seen down 9.6% at $32.47 at last check, possibly due to an ongoing dispute the company is embroiled in involving a Swiss pharmaceutical name. Whatever the reason, BRPA is well below its Dec. 22 all-time high of $76.99, though the security is still up 17% year-to-date.

 

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