Dow Rebounds, Still Below Fair Value

All three major indexes are still below breakeven

Deputy Editor
Oct 9, 2023 at 12:06 PM
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The Israeli-Palestinian conflict is in focus worldwide, after erupting into a deadly war over the weekend. The Dow Jones Industrial Average (DJI) has pared most of its steep premarket losses, though all three major indexes are still lower this afternoon as traders monitor the energy sector.

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

  • Semiconductor stock getting flooded with bull notes
  • Walt Disney stock's largest investor called it "undervalued." 
  • Plus, options bears target VFC; VEON jumps on Russia exit; and pharma stock falls amid new filing. 

MMC Oct9

Put traders are targeting American footwear name VF Corp (NYSE:VFC) today, as the stock plummets to 14-year lows. So far, 27,000 puts have been exchanged -- 14 times the intraday average volume -- in comparison to 5,653 calls. The January 2024 12.50-strike put is the most popular, with new positions being bought to open there. At last look, VFC was down 3.9% at $15.61. 

VEON Ltd (NASDAQ:VEON) is up 4.3% at $19.30 at last glance, after news that the company completed the sale of its Russian operations. The $21 level has rejected the stock on several occasions this year, though it is still up 57.5% in 2023, with support at its 180-day moving average. 

VEON Oct9

Okyo Pharma Ltd (NASDAQ:OKYO) is down 10.2% at $2.03 at last check, after the pharmacy company announced the filing of a new investigational drug application for OK-101. Since the start of the year, the equity is still up 7.2%. 

 

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