All three major indexes are confidently higher midday
The Dow Jones Industrial Average (DJI) is up 510 points midday, as the newest string of earnings reports shows companies working through the current economic pressures, even as blue-chip stock IBM (IBM) turned sharply lower today following its own report. The Nasdaq Composite (IXIC) is up triple digits as well, while bank stocks give the S&P 500 Index (SPX) a boost. Meanwhile, economic data showed U.S. housing starts falling 2% in June, while building permits dropped 0.6%.
Continue reading for more on today's market, including:
- Cinemark stock upgraded as theater seats fill up.
- Checking in on Johnson & Johnson's quarterly report.
- Plus, NCR options surge on potential buyout; APLS jumps on FDA news; and NVTA drops on bear notes deluge.
NCR Corp (NYSE:NCR) options are flying off the shelves today, after news that private equity firm Veritas is in talks to buy the technology provider. So far, 86,000 calls and 18,000 puts have crossed the tape, with overall volume running at six times the intraday average. The August 39 call is the most popular, with new positions being bought to open there. NCR is up 13.6% at $33.07 at last glance.
One of the best performing stocks on the Nasdaq today is Apellis Pharmaceuticals Inc (NASDAQ:APLS), up 26.3% to trade at $56.53 at last check. The U.S. Food & Drug Administration (FDA) granted priority review to company's eye disorder drug marketing application, and will decide its approval by Nov. 26. Year-to-date, the stock is up 19.3%.
Meanwhile, the New York Stock Exchange's InVitae Corp (NYSE:NVTA) is falling further into penny stock territory, down 11.6% to trade at $2.37, after the company announced a strategic business realignment. To follow, Benchmark downgraded the stock to "hold," while SVB Securities cut its rating to "market perform" from "outperform" with a price-target cut to $2 from $8. Plus, Cowen and Company joined in with a price-target cut to $8 from $10. With overhead pressure at the 50-day moving average, NVTA is down 84.4% year-to-date.
