Stocks are lower this afternoon
Stocks are lower this afternoon, but still headed for modest weekly wins. Today's losses come amid renewed concerns regarding the health of the banking sector. Volatility seems to be cooling off, however, as the Cboe Volatility Index (VIX) is on track to snap a two-week win streak. In other news, the S&P Global U.S. manufacturing sector index rose to 49.3 from 47.3 -- a five-month high.
Continue reading for more on today's market, including:
- Put traders flock towards Deutsche Bank stock.
- The FDA rejected Incyte's cancer drug.
- Plus, Sunrun puts pop; Silvergate stock rallies; and unpacking Oxford's earnings.
Sunrun Inc (NASDAQ:RUN) is getting blitzed by options traders today, with over 24,000 puts changing hands, volume that's three times the average intraday volume. The most activity is taking place at the weekly 4/6 16-strike put, where new positions are being opened. At last check, RUN was down 1.2% at $17.42.
Silvergate Capital Corp (NYSE:SI) is up 49.6% to trade at $1.69 at last check, as the crypto-adjacent stock shakes off Binance's software glitch. Still, today's pop is doing little help the embattled stock, which sports a nearly 100% year-over-year deficit thanks, with recent pressure emerging at the 10-day moving average.
On the other end of the spectrum is Oxford Industries Inc (NYSE:OXM), last seen down 14.8% to trade at $99.60. The apparel brands owner yesterday reported fourth-quarter earnings and revenue beats, but issued a weaker-than-expected quarterly guidance.