Dow Gives Back Gains Amid Profit-Taking Spree

Today marks President Joe Biden's 100th day in office

Assistant Editor
Apr 29, 2021 at 12:18 PM
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The major benchmarks are modestly higher this afternoon, as investors move to take profits following blowout earnings reports from Apple (AAPL) and Facebook (FB). After an upbeat start to the day, the Dow Jones Industrial Average (DJI) erased most of its gains, though it remains up roughly 21 points. The S&P 500 Index (SPX) is also slightly higher, after earlier logging another intraday high. The tech-laden Nasdaq Composite (IXIC) remains in the black as well, while traders speculate whether Big Tech earnings were already figured into the market.

In other news, Wall Street had a deluge of economic data to dig through this morning. What's more, traders were still reacting to comments from U.S. President Joe Biden's first address to Congress, which took place last night -- the eve of his 100th day in office.

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

  • Ebay stock hits the brakes on dismal forecast.
  • QCOM reels in bull notes after quarterly win.
  • Plus, options bulls blast Centene stock; FLWS soars on earnings beat; and failed drug trial sinks biopharmaceutical name.

Midday Market Stats April 29

One stock seeing an unusual amount of call activity today is Centene Corp (NYSE:CNC), two sessions removed from a plunge that saw the equity lose 7.1% despite its first-quarter earnings beat. So far, 11,000 calls have exchanged hands, which is nine times what is typically seen at this point, compared to just 730 puts. Most popular is the May 63 call, followed by the 62.50 call in the same series, with new positions being opened at both. The equity was last up 1.6% to trade at $60.44, though it is falling further below the once-supportive 40-day moving average. Centene stock is hovering just above its 2021 breakeven, and is down 8.6% year-over-year.

Standing around the top of the Nasdaq today is 1-800-Flowers.Com Inc (NASDAQ:FLWS), last seen up 18.5% at $29.40, after announcing a fiscal third-quarter earnings and revenue win. The company also increase to its stock repurchase program to $40 million. After notching a streak of higher highs in January, the equity is now trading back above the $28 level for the first time since early April. Today's pop has also helped the security regain support from the 50-day moving average. Year-over-year, FLWS is up 62.9%.

FLWS Chart April 29

Meanwhile, sitting near the bottom of the Nasdaq today is Cara Therapeutics (NASDAQ:CARA), last seen down 45.8% at $13.98, and poised for its worst percentage drop ever. The company said its itch drug to treat atopic dermatitis (AD) failed late-stage trials. In turn, the security received two price-target cuts, including one from Jefferies to $23 from $47. Today's negative price action also places CARA just under its 2021 breakeven, with pressure from its 320-day moving average looming well above.

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