Indexes Brush Off Big Earnings, Eye Second Day of Losses

SPX components are beating earnings estimates at an impressive rate

Deputy Editor
Apr 20, 2021 at 12:17 PM
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The major benchmarks are pacing for a second day of losses, while brushing off an upbeat first-quarter earnings season. The Dow Jones Industrial Average (DJI) was last seen down 263 points, despite blowout reports from the likes of Procter & Gamble (PG), Johnson & Johnson (JNJ), and Travelers (TRV). Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are swimming in red ink, too, though 90% of S&P 500 companies are beating earnings expectations at three times the historical average.

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

  • Nike stock downgraded following China drama.
  • Possible nicotine level caps burnt this tobacco name.
  • Plus, call traders blast Nano Dimension stock; CRSP soars on collaboration amendment; and tech stock plummets on stock offering.

Midday Market Stats April 20

One stock seeing an unusual amount of call activity is Nano Dimension Ltd - ADR (NASDAQ:NNDM). So far today, 58,000 calls have already exchanged hands, or 12 times the intraday average. The May 7.50 call is the most popular, with new positions being opened, followed by the 10 call in the same monthly series. At last check, NNDM is up 6.3% at $7.06, after it was reported that the company acquired machine learning concern DeepCube Ltd. The equity recently found a floor at the $6.50 level, as well as the 180-day moving average, though the 20-day is still keeping a tight lid on shares. Year-over-year, NNDM is up over 474.6%.

NNDM Chart April 20

Standing near the top of the Nasdaq today is Crispr Therapeutics AG (NASDAQ:CRSP), last seen up 3% at $118.54, after the company amended its collaboration with Vertex Pharmaceuticals (VRTX) to develop, manufacture, and commercialize a gene editing therapy to treat sickle cell disease (SCD). In response, the security earned a price-target hike from RBC to $117 from $110. The equity is trading above its 20-day moving average once again, after closing below the trendline twice in a row. Year-over-year, CRSP boasts a roughly 120% lead. 

Meanwhile, at the bottom of the Nasdaq is Futu Holdings Ltd (NASDAQ:FUTU), last seen down 18.9% at $144.34 at last check, following reports that the financial tech company is offering 9.5 million American depositary shares (ADSs) in order to fund margin financing, international expansion, and other corporate purposes. Just yesterday, FUTU notched a roughly two-month closing high  $177.92. Longer term, the security still sports an incredible 1,268.5% year-over-year lead.

 

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