Stocks Look to Rebound Off Three-Day Landslide

Tech is bouncing back on Thursday

Deputy Editor
May 20, 2021 at 12:16 PM
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Stocks are seeing some redemption this afternoon, as all three major indexes pulled themselves out of the red by midday to register notable gains. The Dow Jones Industrial Average (DJI) is now up 174 points. Meanwhile, along with the blue-chip index, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are looking to snap three-day losing streaks, with the latter getting a boost as the tech space strengthens.

Jobless claims, which hit a pandemic-era low, are also doing their part to bolster sentiment. Bitcoin is bouncing back too, clawing its way back atop the closely watched $40,000 level, partly getting a boost from Wedbush, which advised buying into the crypto realm, despite volatility.  

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

  • The mixed market sentiment trailing L Brands after earnings. 
  • Why Cisco stock is limping after a top- and bottom-line beat. 
  • Plus, RUN rallying for 3rd-straight day; PRPO clamors back up the charts; and early stage study sinks BDTX. 

midday market stats may 20

One stock seeing a surge in options activity today is Sunrun Inc (NASDAQ:RUN). So far, 14,000 calls and 3,965 puts have exchanged hands -- double the intraday average. The May 45 call is the most popular, followed by the June 50 call. RUN is up 7.7% to trade at $45.10 at last check, pacing for its third-straight win. The stock is down 34.8% this year, though it's on course to log its first close above the 10-day moving average since late-April. 

Precipo Inc (NASDAQ:PRPO) is one of the best performing stocks on the Nasdaq today. The equity was last seen up 18.9% at $4.91. While there's no clear catalyst for today's move, the stock just recently staged an impressive bull gap, clearing several trendlines including long-time pressure at the 30-day moving average. PRPO is still well below its May 4, two-year peak at the $9.18 mark, but it is now on its way back up the charts, pacing for its third-consecutive daily win. 

PRPO May 20

Meanwhile, one of the worst stocks on the Nasdaq today is Black Diamond Therapeutics Inc (NASDAQ:BDTX). The equity is down 30.8% at $15.40, following the release of the firm's early stage data for its BDTX-189 treatment in cancer patients, which failed to impress investors. The security earlier plummeted to new all-time low of $14.18, and is now down 51.8% for the year. 

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