The Nasdaq and S&P 500 are lower midday
The Dow Jones Industrial Average (DJI) is up 146 points midday to kick off the second quarter, while the S&P 500 Index (SPX) inches lower, and the Nasdaq Composite (IXIC) sits firmly in the red. Wall Street's focus is still on surging oil prices today, after the OPEC+ output cut. Meanwhile, the U.S. ISM Manufacturing Index came in at 46.3 in March, which is down from February's 47.7 and below analyst estimates of 47.3.
Continue reading for more on today's market, including:
- 3 oil stocks getting a boost from the OPEC+ update.
- Analyst hopeful about Macy's stock this year.
- Plus, options traders target SLB; HSKA hits 1-year highs; and HSKA plummets on FDA update.
Options traders are blasting Schlumberger NV (NYSE:SLB), as the stock rises alongside oil prices. So far, 26,000 calls and 21,000 puts have been exchanged, which is six times the average intraday volume. The May 55 call is the most active contract, followed by the May 47.50 put. SLB is up 8% at $53.02, and breaking back above its 120-day moving average, as well as former support at the $52 level.
Heska Corp (NASDAQ:HSKA) is trading at one-year highs, up 20.7% at $117.87 at last glance, after news that Mars Inc is buying out the company for $1.3 billion, or $120 per share. The deal is expected to close in the second half of this year. Year-to-date, HSKA is up 89.6%.
The shares of biotech name Ascendis Pharma A/S (NASDAQ:ASND) are down 30.6% at $74.37 at last check, after the U.S. Food and Drug Administration (FDA) identified deficiencies in the company's hypoparathyroidism therapy application. Evercore ISI cut its price target to $140 from $160 after the news. Since the start of the year, ASND has shed 39.7%.