JPMorgan Chase warned of a mild recession ahead
Stocks are trading on both sides of the aisle today, after JPMorgan Chase (JPM) warned that a recession is the best case scenario this year. At last check, the Dow Jones Industrial Average (DJI) sports a marginal lead, the Nasdaq Composite (IXIC) is flat, and losses in the banking sector have the S&P 500 Index (SPX) trading below breakeven. For the week, all three benchmarks are on track for healthy wins, while the Cboe Volatility Index (VIX) is pacing for its worst week since October.
Continue reading for more on today's market, including:
- Retail traders have found a new meme stock.
- Why Virgin Galactic stock is finally taking off.
- Plus, Blue Apron stock reclaims $1; Huya amends broadcasting agreement; and Party City prepares for bankruptcy.
Blue Apron Holdings Inc (NYSE:APRN) is up 25.6% to trade at $1.15 this afternoon, and its options pits are ramping up the activity. Already, more than 32,000 calls and 2,989 puts have crossed the tape, which is 14 times the average intraday amount. New positions are opening at the weekly 1/13 1.50-strike call. The shares of the meal delivery kit service have added 79.5% over the last month, and finally look poised to close above the $1 for the first time since early November.
U.S.-listed shares of Chinese live streaming stock HUYA Inc - ADR (NYSE:HUYA) are up 10.5% to trade at $5.35 at last check, sitting near the top of the New York Stock Exchange (NYSE) today. This comes after the company amended its license agreement for broadcasting League of Legends matches with a Tencent affiliate. Over the last three months, HUYA is up nearly 170%.
Amid ongoing bankruptcy concerns, shares of Party City Holdco Inc (NYSE:PRTY) are trading near the bottom of the NYSE. Last seen 8.1% lower, down to 0.38 cents per share at last glance, and adding to a more than 93.5% year-over-year deficit. According to a Bloomberg report, Party City is in the process of filing for bankruptcy, which may end with creditors taking ownership.