The Dow pivoted higher in the last hour
Stocks are closing out the first trading week of 2022 in dramatic style. The Dow Jones Industrial Average (DJI) is up nearly triple digits at last check, pivoting into positive territory midday despite spending the morning in the red after dismal jobs data. The S&P 500 Index (SPX) is flat, while the Nasdaq Composite (IXIC) remains lower, with rising bond yields still tormenting the chip and tech sectors. Despite the blue-chip index's mini-rally, all three benchmarks remain on track for weekly losses.
Continue reading for more on today's market, including:
- Mizuho slams Visa stock with bear note.
- Meme stock GameStop taps into non-fungible tokens.
- Plus, why options traders are eyeing EMBK; software stock pops on AMZN partnership; and SYTA at new lows.
Embark Technology Inc (NASDAQ EMBK) is seeing an unusual amount of options activity today. The Bear Cave yesterday added the company to its short report, citing valuation concerns. So far, 20,000 calls and 231 puts have exchanged hands, volume that's 69 times the intraday average. Most popular is the February 10 call, followed by the May 10 call, with new positions being opened at both. The stock was last seen down 1.7% at $6.70, eyeing a fourth-straight loss and now nine-month deficit of 33%.
Towards the top of the Nasdaq today is Marin Software Inc (NASDAQ:MRIN), last seen up 27.4% at $4.39. Today's bull gap comes after the company announced an integration with Amazon.com (AMZN) to expand the e-tailer's advertising reach. MRIN is now pacing for its first close above the 20-day moving average since November, and has added 118.5% year-over-year.
Among the Nasdaq's worst performers is Siyata Mobile Inc (NASDAQ:SYTA), after the tech communications company announced it raised $20 million in a public offering. The proceeds of the nearly 8.7 million shares sold will be used for corporate purposes, and also to repay part of its outstanding senior secured convertible promissory note. The stock was last seen down 42.1% to trade at $1.87, and earlier fell to a record low of $1.78.