Stocks Staging Big Rebound From Wednesday's Rout

Wall Street is brushing off a 6% year-over-year jump in the Producer Price Index

Deputy Editor
May 13, 2021 at 12:02 PM
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The Dow Jones Industrial Average (DJI) is on the upswing midday, in an attempt to claw back from Wednesday's devastation that saw its biggest one-day drop since January. While inflation fears still grip Wall Street, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also staging sharp bounces off yesterday's dramatic market selloff, as investors buy the dip on a reeling tech sector.

Meanwhile, a 6% year-over-year jump in producer prices in April is adding to the bevy of alarming inflation data that has come out this week, though it would appear that from the way the Cboe Volatility Index (VIX) is down 12.3% at last check,  Wall Street is mostly brushing off these numbers. 

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

  • Lowe's stock picks up pre-earnings bull notes
  • Why analysts aren't in love with this dating app's earnings. 
  • Plus, AMC strings together fifth-straight pop; IHT climbs to 26-year highs; and ZVO stumbles after top-line whiff. 

midday stats May 13

AMC Entertainment Holdings Inc (NYSE:AMC) is seeing a surge in options activity today. So far, 134,000 calls and 27,000 puts have crossed the tape -- three times the intraday average. The most popular is the 5/14 12-strike call, followed by the 11.50-strike call in the same series with positions being opened at both. AMC is heading toward its fifth-straight win today, up 11.5% at $11.82 at last check. The stock just staged an impressive bounce off its 80-day moving average, and is now up 153% year-over-year.  

While the catalyst is unclear, InnSuites Hospitality Trust (NYSE:IHT) is one of the best performers on the New York Stock Exchanged (NYSE) today. The security is up 30.9% at $7.41 this afternoon. The stock has the tendency to be volatile due to its low trading volume, according to an article from InvestorsObserver, and in this week alone IHT has tacked on 220.1%. IHT pushed its way out of penny stock territory late last week, toppling recent pressure at the 60-day average. Should these gains hold, IHT could clock its highest close in over 26 years. 

IHT May 13

Zovio Inc (NASDAQ:ZVO) is one of the worst performing stocks on the Nasdaq this afternoon. The security is down 35.8% at $2.22, and earlier hit a one-year low of $2.10 after the firm announced first-quarter losses of 10 cents per share, which came in wider than analysts estimates. ZVO is eyeing its biggest one-day drop since March 2020, too, and now sports a year-to-date deficit of 53.2%. 

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