Stocks Stumbling After Thanksgiving Week

The retail sector is in focus today as Cyber Monday continues

Deputy Editor
Nov 28, 2022 at 11:54 AM
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The Dow Jones Industrial Average (DJI) is extending its premarket losses, down 265 points at midday, as protests in China over the country's zero-Covid policy weigh on investor sentiment globally. Apple (AAPL) in particular is feeling the heat, after Wedbush said the protests could lead to an iPhone shortage of up to 10% this holiday season. Meanwhile, the retail sector is in the spotlight this Cyber Monday, especially after online Black Friday sales hit a record-breaking $9 billion. 

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

  • Pinduoduo stock benefitting from China's lockdowns. 
  • Two oil stocks dropping from recent highs. 
  • Plus, options bulls blast AXSM; DBGI continues to soar; and CINC slips to lowest levels since June. 

MMC Nov28

Axsome Therapeutics Inc (NASDAW:AXSM) is seeing a bullish options surge today, after a late-stage study of its experimental drug, AXS-05, met its primary and key secondary goals in treating Alzheimer's agitation. So far, 10,000 calls have been exchanged -- eight times the intraday average -- compared to 3,603 puts. The December 100 call is the most popular, with new positions opening there. AXSM is up 33.2% at $75.67, its highest level since January of 2021. 

AXSM Nov28

Digital Group Brands Inc (NASDAQ:DBGI) is one of the top performers on the Nasdaq today, up 48.7% at $8.86 at last glance. The stock has been rallying since its Nov. 21 record low of $3.21, though still down 96% year-to-date. Should these gains hold, DBGI will secure its fourth-straight daily win.  

CinCor Pharma Inc (NASDAQ:CINC) stock is crumbling after the company's experimental drug to treat high blood pressure, Baxdrostat, failed in a mid-stage study. CINC is down 46.9% at $14.08 at last check, and trading at its lowest levels since June. 



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