Benchmarks Stage Comeback Thanks to Cyclical Stocks

The Dow is clawing back from its worst day in nearly a month

Assistant Editor
Apr 21, 2021 at 12:14 PM
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The major benchmarks are looking to rebound from two days of losses, boosted by cyclical stocks. The Dow Jones Industrial Average (DJI) was last seen up around 164 points, brushing off yesterday's dip that saw the blue-chip index log its worst daily performance in nearly a month. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are firmly in the black, even after tech powerhouse Netflix (NFLX) dipped roughly 8% on news that its subscriber growth failed to meet expectations.

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

  • Blue-chip phone carrier cools off after earnings.
  • Norwegian Cruise stock sails higher on upgrade.
  • Plus, SKLZ options fly off the shelves; Turtle Beach stock pops on board announcement; and biopharmaceutical name dips after public offering.

Midday Market Stats April 21

One stock attracting unusual options activity today is Skillz Inc (NYSE:SKLZ). So far, 43,000 calls and 14,000 puts have crossed the tape, which is twice the amount usually seen at this point. The weekly 4/23 15-strike call is the most popular, followed by the 14-strike call in the same series, with new positions being opened at both. At last check, SKLZ is up 16.7% at $14.64, though a catalyst remains unclear. The newly listed stock scored a Feb. 5 all-time high of $46.28, but has steadily worked its way down the charts in the time since. The 10-day moving average has put pressure on shares for the better part of the last month, a timeframe in which Skillz stock has shed 42.1%. Year-to-date, SKLZ is off 28.1%.

SKLZ Chart April 21

Standing near the top of the Nasdaq today is Turtle Beach Corp (NASDAQ:HEAR), last seen up 10.5% at $27.29, after the company appointed New York Life Investment Management's CEO Yie-Hsin Hung to its board of directors. It's been a successful year for the gaming accessory stock so far -- shares hit a Feb. 10, seven-year high of $35.74. And though the security has since slipped below the once-supportive 40-day moving average, Turtle Beach stock still boasts a 228.6% year-over-year lead.

Meanwhile, at the bottom of the Nasdaq is Bioanalytical Systems, Inc. (NASDAQ:NOTV), last seen down 6.5% at $19.15 at last check. The company recently started doing business under the name Inotiv, and just announced the pricing of an underwritten public offering of 2.6 million common shares at $17 per share. On the charts, the equity fell below the $19 after spending most of the past month above this level, slipped below the 20-day moving average. Still, year-to-date, NOTV is up 54.6%.

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