Dow Rises Over 300 Points to Start the Week

The S&P 500 is sitting above fair value this afternoon

Deputy Editor
Aug 7, 2023 at 12:10 PM
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The Dow Jones Industrial Average (DJI) was last seen up 308 points, as the blue-chip index looks to start the week on a high note following its recent losses. Meanwhile, the S&P 500 Index (SPX) is sitting above fair value, as the Nasdaq Composite (IXIC) slips into red territory. Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is lower after last week posting its largest weekly gain since early March. 

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

  • A look at Paramount Global stock ahead of earnings. 
  • Rare bull note boosts dialysis machine maker. 
  • Plus, put traders target TSN; TRHC making deals; and SAGE hits record low. 

MMC Stats Aug7

Tyson Foods Inc (NYSE:TSN) is seeing the most activity in the options pits today, following the company's third-quarter earnings and revenue misses. So far, 9,371 calls and 19,000 puts have been exchanged, which is already six times the average intraday volume. The August 50 and 52.50 puts are the most popular. At last check, TSN is down 6% at $53.07, and carries a 39.2% year-over-year deficit.

Tabula Rasa Healthcare Inc (NASDAQ:TRHC) is gapping higher today, up 31.7% to trade at $10.31. Following the company's upbeat second-quarter report came news that the healthcare technology concern is combining with ExactCare Pharmacy, and will be acquired by Nautic Partners in a deal worth $570 million. Year-to-date, the stock is up 108.1%. 
  
Sage Therapeutics Inc (NASDAQ:SAGE) is at the bottom of the Nasdaq, down 51.2% at $17.63 at last glance while trading at record lows. Aside from its second-quarter miss, the U.S. Food and Drug Administration (FDA) did not approve SAGE and Biogen's (BIIB) Zurzuvae drug to treat major depressive disorder, but it did approve it for postpartum depression. Oppenheimer downgraded the equity to "perform" from "outperform," and RBC lowered its rating to "sector perform," as both slashed their price targets as well. Year-to-date, the stock is down 53.9%. 

 

SAGE Aug7

 

 

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