The Nasdaq is up triple digits after its seventh-straight monthly win
Stocks are a mixed bag today, as November trading gets underway. Fresh off seven-straight monthly wins, the Nasdaq Composite (IXIC) is up triple digits amid a number of tech developments, including a $38 billion deal between OpenAI and Amazon.com (AMZN) that utilizes Nvidia's (NVDA) graphics processing units. The Dow Jones Industrial Average (DJI), on the other hand, is down 216 points, while the S&P 500 Index (SPX) splits the difference and hangs around breakeven.
Continue reading for more on today's market, including:
- Amazon deal boosts Cipher Mining stock to record highs.
- IREN stock is at the center of the chip stock surge today.
- Plus, options traders target QURE; RHLD at all-time highs; and ALVO plummets.
UniQure NV (NASDAQ:QURE) is experiencing unusual volume in the options pits today. So far, 26,000 calls and 7,120 puts have crossed the tape, which is already 3.3 times the volume QURE typically sees in an entire session. The April 40 call is the most popular, with new positions being bought to open. QURE is down 56.4% at $29.53, after the U.S. Food & Drug Administration (FDA) rejected the company's clinical data for Huntington's therapy. Year to date, however, the stock is still up 68.4%.
At the top of the New York Stock Exchange (NYSE) today is Resolute Holdings Management Inc (NYSE:RHLD). The stock, which has only been publicly traded since February, was last seen up 84.6% at $136.00 and hitting fresh record highs after the company posted a third-quarter loss of 3 cents per share and announced a merger agreement with Husky Technologies. In just the last six months, the equity is up 422.5%.
Biotech stock Alvotech SA (NASDAQ:ALVO) is plummeting to three-year lows, down 29.9% at $5.36 at last check. The FDA declined to approve the company's arthritis drug, sending a list of deficiencies that will need to be fixed. Year to date, the equity is down 59.7%.