Dow Pivots Sharply Higher, Up 315 Points Midday

Stocks are coming off a rough week

Deputy Editor
Feb 13, 2023 at 11:58 AM
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The Dow Jones Industrial Average (DJI) is up 315 points at last glance, looking to recover some of last week's steep losses, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) sit firmly higher as well. Meanwhile, the 2-year Treasury yield is sitting near its November highs as investors look ahead to tomorrow's inflation data. 

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

  • Pharma stock plummets to record lows
  • Analyst sees "rapid recovery" ahead for Zillow stock
  • Plus, options traders blast EBAY; upgrade boosts FSLY; and FIS drops on spinoff news. 

new mmc feb13

Options traders are blasting eBay Inc (NASDAQ:EBAY), after the online marketplace acquired 3PM Shield in a deal that closed Feb. 9. So far, 11,000 calls and 20,000 puts have been traded, which is six times the intraday average volume. The April 35 put is most popular, with positions opening there. EBAY is up 1.1% at $48.63, sporting a 17.6% year-to-date lead. 

The New York Stock Exchange's (NYSE) Fastly Inc (NYSE:FSLY) is up 25.1% at $12.35 at last check, after BofA Global Research upgraded the shares to "buy" from "underperform," with a price-target hike to $16 from $10.50. Fastly stock is still facing pressure from the 260-day moving average, but has soared to its highest trading level since August. Year-to-date, the security is up 52.1%. 

FSLY Feb13 New

Meanwhile, Fidelity National Information Services Inc (NYSE:FIS) is down 14.5% to trade at $64.50 at last glance, after the company revealed plans to spin off its merchant payments business. This bear gap has FIS trading at its lowest level since November, while adding to a 42.7% year-over-year deficit. 

 

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