All three major benchmarks are lower at midday
Stocks are extending their morning losses, with the banking sector weighing on the market after Moody cut its credit rating on several U.S. banks. A host of other lenders are now under review for potential downgrades by the firm as well. The Dow Jones Industrial Average (DJI) is down 343 points, while the S&P 500 (SPX) and Nasdaq Composite (IXIC) are also firmly lower.
Continue reading for more on today's market, including:
Tilray Brands Inc (NASDAQ:TLRY) is seeing a surge of bullish options activity today, after news the company is purchasing eight beer and beverage brands from Anheuser-Busch (BUD) for $85 million. So far, 148,000 calls have been exchanged in comparison to just 17,000 puts, with options volume already at six times the average daily volume. The weekly 8/11 3-strike and 2.50-strike calls are the most popular, with new positions being bought to open at both. TLRY is up 27.5% at $2.83, and looking to close above long-term pressure at its 200-day moving average.
Bright Minds Biosciences Inc (NASDAQ:DRUG) is at the top of the Nasdaq today, up 43.1% at $4.61 at last glance, and earlier was as high as $6.44 -- its highest level since October. The biotech name reported positive results from a Phase 1 study of its BMB-101 to treat refractory epilepsies. Year-to-date, the equity is up 24.4%.
Axogen Inc (NASDAQ:AXGN) is trading at six-year lows, down 27.4% at $6.01 at last check, after the company's second-quarter revenue miss. The equity just marked three-straight weeks of losses, and is on track for its fifth daily loss in the last six days. Since the start of the year, AXGN is down 39.3%.