“To put things into perspective, BioNTech Chief Executive Officer Ugur Sahin noted that ‘more than 90 percent is extraordinary’ considering the effectiveness of previous vaccines were expected to be in the 60 to 70 percent range. ‘It shows that Covid-19 can be controlled,” Sahin added. “At the end of the day, it’s really a victory of science.”

          - The Wall Street Journal, Nov. 9, 2020

“President Donald Trump’s…to reverse an apparent win for President-elect Joe Biden by challenging votes in courts suffered three big setbacks in Arizona, Michigan and Pennsylvania on Friday.”

          - CNBC, Nov. 13, 2020

Last week was full of catalysts for stock investors, especially as it pertains to the U.S. elections and the ongoing COVID-19 pandemic. Investors bid up stocks in response to various headlines, including news that the Pfizer (PFE) and BioNTech (BNTX) vaccine candidate is 90% effective, and that Eli Lilly’s (LLY) antibody drug received emergency use authorization from the Federal Drug Administration (FDA). Overall, those headlines seemed to overshadow challenges to election results set forth by President Donald Trump, who as of this writing is yet to concede.

Still, there is much left to be decided when it comes to a vaccine. Experts are currently figuring out how it will be stored and shipped across the country, given the extremely low temperatures it requires. Another question mark is how many people will choose to, or even have access to the vaccine. And lastly, there is still the matter of what former Vice President Joe Biden’s victory means for stimulus efforts, as cases go up in all 50 states and legislators threaten to re-implement stay-at-home orders.

More groundbreaking headlines are already rolling in too, after the big Monday morning news that Moderna's (MRNA) vaccine achieved 94% efficacy in preliminary phase three trials. There is a solid chance investors could learn more about the results this week, when the biotechnology company appears at the 2020 Jefferies Virtual London Healthcare Conference, which runs Tuesday through Thursday.

“…buyers have emerged at the SPX’s year-to-date breakeven level, but sellers have generally emerged at the level that is 10% above the SPX’s 2019 close. With the elections coming to an end, will this pattern finally break in favor of bulls? Or will the lawsuits and recounts be enough for the pattern to continue? Additionally, the Nasdaq Composite (IXIC – 11,895.23) closed just 115 points shy of the key 12,000 millennium mark. Since first touching this level on Sept. 2, this marks the only time this benchmark closed above 12,000.”

          - Monday Morning Outlook, Nov. 9, 2020

Market participants seemed to agree that lockdowns are less of a concern, while a re-opening of the economy in the coming months is more of a reality, given the S&P 500 Index (SPX – 3,585.15) was driven up about 2% for the week. In fact, the SPX briefly traded above its early-September closing high of 3,588, though momentum stopped right there, as the index fought to overtake this resistance level later on. In fact, the index closed back below 3,553 on Tuesday and Thursday, which corresponds to a 10% gain for the index, and a level I have been saying could be important for weeks.

Meanwhile, the Nasdaq Composite (IXIC – 11,829.28) briefly traded above the 12,000 level, but was ultimately rejected, as investors bid up stocks that could benefit from economic growth as a result of the vaccine, and rejected technology stocks that are the drivers during stay-at-home orders. 

The Russell 2000 Index (RUT – 1,744.04) -- which is heavily weighted with industrials, consumer cyclical and financial services companies, as well as stocks tied to an improving economy -- was the true winner last week, rallying roughly 6%. The small-cap index broke out above key resistance levels, specifically the round 1,600 level, which had acted as resistance on multiple occasions since January 2018. 

Furthermore, the benchmark rallied above its 2019 close of 1,668, and this year’s January high of 1,715. Coming into this week’s trading, it is situated around a two-year, all-time monthly closing high of 1,740. If this area is taken out, it would set up the possibility of a year-end rally into its next potential major resistance area at the 2,000 level. This area also corresponds to double the benchmark’s March monthly closing low, and is roughly 20% above the 2019 year-end close.

With total short interest on RUT components rolling over, but still near multi-year highs (per the char below), the index could benefit from short covering after there is a resolution to the election, and a near-resolution to the COVID-19 vaccine, as well as the index’s technical breakouts discussed above.

“So, now what? According to most measures, the VIX action looks bearish for volatility, and bullish for equities. And if those that took the other side of the massive put buying on the November VIX futures contract are forced to hedge their position to remain neutral, we could easily see the VIX and November VIX futures contract drop to the 20-21 area.”

          - Monday Morning Outlook, Nov. 9, 2020

After the VIX closed below its 30-day and 252-day moving average last week, as well as a trendline connecting higher lows since August, I suggested the action looked bearish for volatility. That turned out to be true, given the SPX and RUT rallies, and a relatively weak showing among market-leading technology stocks. Volatility, as measured by the CBOE Market Volatility Index (VIX – 23.13), traded as low as 22.41 last week. Meanwhile, the November VIX futures contract (/VXc1) closed the week at 23.30, ahead of the contract’s expiration on Wednesday morning.

Looking ahead to the expiration of the VIX November futures contract, and the open interest configuration, there was only minimal put liquidations last week. If there is any negative news regarding surprise lockdowns, or poor results from Moderna’s vaccine before expiration, I would not be surprised to see the November VIX futures contract and the VIX move up to the 27 area, where a huge number of put contracts could expire worthless. 

Even after Moderna's upbeat news this morning, there is still potential for delta hedge selling of VIX futures that could send the contract down to 20-21 by Wednesday morning expiration, should the results come within that time frame. If the VIX gets to the 20 area, volatility may be vulnerable to a reversal higher in the short term, as the VIX bounces from its August lows.

Todd Salamone is Schaeffer's Senior V.P. of Research

Continue reading:

• The Week Ahead: Big Week for Retail Ahead With Earnings and Data on Deck
• Indicator of the Week: Stocks to Watch After Monday's Wild Breakout

Welcome back to our weekly series, Schaeffer's Cannabis Stock News Update, where we recap what happened in the world of marijuana stocks last week and look ahead at the pot stocks to watch in the upcoming week.

Investor interest in the cannabis industry continues to grow, and the leading players continue to break through legal barrier after legal barrier especially following the 2020 election. Prior to last week's election, nine states and D.C. have legalized recreational marijuana, and 29 states have legalized medicinal marijuana. After the election, five more states joined in legalization of marijuana sales. More and more companies are starting to see the opportunity in cannabis selling, suggesting there are more marijuana initial public offerings (IPOs) on the horizon. This week, the New Jersey State Senate voted 29-4 on a bill on November 16, which will decriminalize possession of up to 6 ounces of marijuana, as well as lower the penalties for other related offenses. This bill must also pass the New Jersey Assembly.

Here's a quick roundup of a major cannabis stock news last week (Nov. 16 through Nov. 20):

Aphria Inc. (NASDAQ:APHA), a leading global cannabis company inspiring the worldwide community to live their best life, announced on November 18 that all seven of the director nominees listed in the Company's management information circular were elected to serve as directors of the company at its Annual Meeting of Shareholders on November 17.

Arena Pharmaceuticals, Inc. (NASDAQ:ARNA), announced on November 19 that the Compensation Committee of its Board of Directors granted 13 new employees inducement of stock options to purchase an aggregate of 96,025 shares of ARNA stock and 17,590 inducement restricted stock units ("RSUs") on November 15.

Aurora Cannabis Inc. (NYSE:ACB), the Canadian company defining the future of cannabinoids worldwide, announced on November 16 that the company is closing its previously announced overnight marketed public offering of units of the ACB stock for total gross proceeds of $172 million. Aurora sold 23 million shares at a price of $7.50 per share, including three million shares sold pursuant to the exercise in full of the underwriters’ over-allotment option.

Greenlane Holdings, Inc. (NASDAQ:GNLN), one of the largest global sellers of premium cannabis accessories, announced on November 18 that its retail partnership with Stündenglass will bring the Gravity Hookah to consumers and wholesale purchasers in the U.S., Canada, and Europe.

GW Pharmaceuticals PLC (NASDAQ:GWPH), a UK-based cannabis company engaged in research and development as well as commercialization of cannabinoid prescription medicines, announced on November 18 that the company CEO, Justin D. Gover, just sold 108,492 shares of GWPH stock on November 17. Its CEO and its board of directors have sold around 500,000 shares of GWPH combined.

Innovative Industrial Properties (NYSE:IIPR), announced on November 17 that the company will expand its long-term real estate relationship with one of California’s top cannabis producers — Kings Garden Inc. — by acquiring a Southern California property for $25.4 million, in a bid to grow its portfolio and bank on the healthy market fundamentals. This property, comprising 192,000-square-foot industrial space, expands the company’s footprint to 64 properties, with 5.2 million rentable square feet across 16 states.

NewAge, Inc. (NASDAQ:NBEV), the Colorado-based social selling and distribution company with a network of independent business owners across 75 countries worldwide, announced on November 19 that it has appointed Dr. Fred W. Cooper, Ph.D., as a member of its board of directors.

Organigram Holdings Inc. (NASDAQ:OGI), a leading licensed producer of cannabis, announced the launch of Edison RE:MIX dissolvable cannabis powder on November 17. RE:MIX is the latest innovation from the Company’s Edison brand portfolio of products, offering Canadian adults the opportunity to enjoy cannabis their own way.

Therapix Biosciences Ltd. (NASDAQ:TRPX), a specialty clinical-stage pharmaceutical company focusing on the development of cannabinoid-based treatments, announced on November 19  the pricing of an offering for the issuance of an aggregate of 835,447 units, each consisting of (i) one American Depositary Share ("ADS") and (ii) two warrants to purchase one ADS each, at a purchase price of $5.02 per unit. The warrants will have an exercise price of $5.02 per ADS, will be exercisable upon issuance and will expire five years from the date of issuance.

Most weeks, I like to dig into specific stocks, sectors, or an exchange traded funds (ETFs), and the effects the current market climate is having on one of the aforementioned subjects at hand. However, to mix things up, this week we will be taking a look at the unprecedented surge in options volume via the OCC. If you are unfamiliar with the entity, OCC stands for Options Clearing Corporation. The company is a U.S. clearing house, which provides stability and financial integrity on Wall Street by implementing risk management principles.

What specifically caught my attention was earlier this week, per the OCC, on Monday, Nov. 9, an all-time high for equity-only options volume was hit, with 45,541,047 contracts. Even further, equity-call volume also set a record that same day, while equity-put did not. In fact, put volume came in 22nd place, which could be considered quite a dichotomy. For reference, it’s most recent record came on June 5 of this year.

Even further, while volume statistics skew toward calls, Monday also set a new record for overall options volume, with 48,229,252 contracts traded. The most recent record for overall options volume hadn’t been set since late February.

Meanwhile, per a pull of Monday’s option flow recap via Trade Alert, market-wide option volume came in at 47.7 million contracts, and held 64% above recent average levels, with calls leading puts by a 17 to 10 margin. For a more narrow look, the most active stock on Monday was Apple (AAPL) with a call options volume of 1.24 million and a 581,00 count of put options. The most active ETF was the SPDR S&P 500 ETF Trust (SPY), where an even more notable 2.53 million call contracts and 3.40 million put contracts were traded.

So what does this record-breaking day options volume mean? While the answer is far from cut-and-dry, what’s certain is the prospects of a return to normalcy drove the Monday surge. Sure, the uptick in coronavirus cases around the world and in the U.S. put a significant damper on it all later in the week, but Monday’s volume surge was unique for two reasons. It was the first trading day after the Presidential race was called in favor of former Vice President Joe Biden. And on top of that, the world got the first dose (no pun intended) of a positive vaccine news from Pfizer (PFE) and BioNTech (BNTX). That news more than anything represented a light at the end of the tunnel.

Monday was a double whammy of sentiment that lacked historical precedent. In the remainder of the week, stocks have rapidly cooled off, reversing much of its Monday outperformance. Thus, it’s important to remind traders of the rarity of days like Monday, and that an abundance of caution is always recommended when trading in the current market climate. In the meantime, what can be expected is the continued rise in volatile trading activity as the U.S. heads for potentially the worst few months of COVID-19 it has ever seen.

Historically, option volume extremes have exemplified capitulation by market participants. The depths of market troughs are riddled with heavy sell volume and rapid reversals where positions are adjusted algorithmically. It is very noteworthy that this time around, volume spikes are aligning with seemingly good news. Whether it be free commissions, coronavirus antidotes, presidential election outcomes, stimulus/infrastructure promises, Global Central Bank support or a fear-of-missing-out.

Subscribers to Bernie Schaeffer's Chart of the Week received this commentary on Sunday, November 15.

The PNC Financial Services Group, Inc. (NYSE:PNC) recently announced an agreement to acquire the U.S. side of BBVA’s business. With this acquisition, PNC Financial Services would become the largest regional bank company in the US and the 5^th biggest largest U.S. retail bank. PNC Financial Services would only be trailing JPMorgan Chase (JPM), Bank of America (BAC), Wells Fargo (WFC), and Citigroup (C).

So far in 2020, PNC has taken a 17% haircut. However, the shares last week cleared their 320-day moving average, a trendline that stifled a rally back in June. In the last six months, the stock has tacked on 25%. 

Using Schaeffer's robust historical database, we conduct extensive research on each underlying equity and determined which of those underlying equities’ options have historically had underpriced or overpriced options. In doing so, each stock is given a Schaeffer's Volatility Scorecard (SVS) ranking. PNC is currently sporting a ranking of 82 out of 100. A high SVS reading indicates that the stock has consistently delivered bigger returns than its options implied volatility (IV) levels have predicted, meaning it may be a strong candidate for premium-buying strategies going forward. 

PNC Financial Services has beat expectations on all of its four most recent earnings reports. In the fourth quarter of 2019, PNC Financial Services beat expectations by $0.04. To kick off 2020, the company beat expectations by a margin of $0.24. PNC Financial Services boosted its EPS to remarkable $8.40 in the second quarter of 2020. beating expectations by an enormous margin of $7.89. In its most recent quarterly report, PNC Financial Services beat its earnings target by a whopping 60% with a reported an EPS of $3.39 instead of the expected EPS of $2.12. As for PNC Financial Services' next earnings report, the company is expected to report an EPS of $2.53.

PNC stock offers a forward dividend of $4.60 and a dividend yield of 3.56%. The last dividend PNC Financial Services paid was for $1.15. The company has paid dividends since 1986.

As would be expected of such a large banking institution, PNC Financial Services' fundamentals are solid. The only negative fundamental mark is the $42.65 billion in debt that the company holds. Nonetheless, the bank's profits are consistent and its revenues continue to grow on an annual basis. Furthermore, PNC currently trades at an unreasonably low price-earnings ratio of 7.83 and offers a fairly high dividend yield. In addition, the company also has a book value of $117.36 and price-to-book value of 1.11, which means the stock trades at nearly the same price as what the company’s equity is worth.

Overall, as an investment, PNC Financial Services has all the security that comes with most of the other big bank stocks. The company's recent acquisition of BBVA USA demonstrates its ambition to grow and compete with the “Big Four Banks." From a risk/reward perspective, PNC stock is perhaps one of the most attractive plays within the banking sector right now.

Stocks rose on Thursday across all three major U.S. stock markets after back-to-back days of losses as investors flocked toward major tech names in the face of a third-wave of coronavirus infections and after data from Johns Hopkins University showed that the seven-day average of daily new U.S. COVID-19 positive cases clocked over 161,000, and the death toll topped a quarter million. News from Senate Minority Leader Chuck Schumer, that Majority Leader Mitch McConnell is willing to resume stimulus relief talks also boosted investor spirits yesterday. The Dow Jones Industrial Average (DJI - 29,483.23) rose 44.8 points yesterday. The S&P 500 Index (SPX - 3,581.87) gained 14.1 points while the Nasdaq Composite (IXIC - 11,904.71) added 103.1 points for the day yesterday. The Cboe Volatility Index (VIX - 23.11) fell 0.7 point on Thursday, November 19.

TGIF! Today we're looking at a pretty lowkey end to this rollercoaster of a week, as we close out the week with no noteworthy economic data to report. We will, however, see a handful of interesting companies step up to report quarterly earnings today.

For your convenience, we have rounded up the companies slated to release earnings today, November 20:

The Buckle, Inc. (NYSE:BKE -- $28.81) operates as a retailer of casual apparel, footwear, and accessories for young men and women. Buckle will report its third-quarter earnings before the bell today.

Foot Locker, Inc. (NYSE:FL -- $41.33) operates as an athletic footwear and apparel retailer. Foot Locker will report its third-quarter earnings before the bell today.

GSX Techedu, Inc. (NYSE:GSX -- $71.35) provides online K-12 after-school tutoring services in the People's Republic of China. GSX has soared up by 252.9% year-over-year. GSX Techedu will report its third-quarter earnings before the bell today.

HeadHunter Group PLC (NASDAQ:HHR -- $25.27) operates an online recruitment platform. HeadHunter Group will report its third-quarter earnings before the bell today.

Hibbett Sports, Inc. (NASDAQ:HHR -- $42.13) engages in the retail of athletic-inspired fashion products. Hibbett Sports will report its third-quarter earnings of 2021 before the bell today.

Here’s a recap of how yesterday’s earning announcements compared to expectations:

Atkore International Group, Inc. (NYSE:ATKR -- $31.04) manufactures and distributes electrical raceway products, and mechanical products and solutions (MP&S). Earnings per share increased 16.83% over the past year to $1.18, which beat the estimate of $0.68. Revenue of $477,420,000 declined by 4.84% from the same period last year, which beat the estimate of $430,030,000.

Berry Global, Inc. (NYSE:BERY -- $53.48) manufactures and supplies non-woven, flexible, and rigid products. Earnings per share rose 76.67% year over year to $1.59, which beat the estimate of $1.22. Revenue of $3,008,000,000 declined by 0.36% year over year, which beat the estimate of $2,970,000,000.

BJ's Wholesale Club Holdings, Inc. (NYSE:BJ -- $43.00) operates warehouse clubs on the East Coast of the United States. Earnings per share were up 124.39% year over year to $0.92, which beat the estimate of $0.64. Revenue of $3,732,000,000 higher by 15.58% from the same period last year, which beat the estimate of $3,680,000,000.

Brady Corporation (NYSE:BRC -- $46.62) manufactures and supplies identification solutions (IDS) and workplace safety (WPS) products. Earnings per share were down 8.57% year over year to $0.64, which beat the estimate of $0.57. Revenue of $277,227,000 declined by 3.39% from the same period last year, which beat the estimate of $270,520,000.

Canadian Solar, Inc. (NASDAQ:CSIQ -- $38.72) designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products. Earnings per share fell 77.27% year over year to $0.15, which beat the estimate of ($0.05). Revenue of $914,360,000 up by 20.33% year over year, which beat the estimate of $861,930,000.

Macy's, Inc. (NYSE:M -- $8.99) operates stores, websites, and mobile applications under the Macy's, Bloomingdale's, and bluemercury brands. Earnings per share decreased 371.43% year over year to ($0.19), which beat the estimate of ($0.79). Revenue of $3,990,000,000 decreased by 22.87% from the same period last year, which beat the estimate of $3,860,000,000.

MAXIMUS, Inc. (NYSE:MMS -- $73.00) provides business process services (BPS) to government health and human services programs worldwide. Earnings per share rose 9.68% over the past year to $1.02, which beat the estimate of $0.89. Revenue of $923,836,000 higher by 22.37% year over year, which beat the estimate of $862,050,000.

NetEase, Inc. (NASDAQ:NTES -- $85.50) provides online services focusing on content, community, communication, and commerce. Earnings per share fell 84.45% year over year to $0.79, which beat the estimate of $0.39. Revenue of $2,748,000,000 rose by 34.18% from the same period last year, which missed the estimate of $2,770,000,000

The Children's Place, Inc. (NASDAQ:PLCE -- $37.75) operates as a children's specialty apparel retailer. Earnings per share were down 52.48% year over year to $1.44, which beat the estimate of $0.36. Revenue of $425,571,000 declined by 18.91% year over year, which beat the estimate of $392,130,000.

Caleres, Inc. (NYSE:CAL -- $12.18) engages in the retail and wholesale of footwear. Earnings per share decreased 38.46% over the past year to $0.48, which beat the estimate of $0.04. Revenue of $647,480,000 decreased by 18.29% from the same period last year, which beat the estimate of $619,500,000.

Esco Technologies, Inc. (NYSE:ESE -- $99.35) produces and supplies engineered products and systems for utility, industrial, aerospace, and commercial users worldwide. Earnings per share were down 17.43% year over year to $0.90, which beat the estimate of $0.76. Revenue of $208,030,000 declined by 12.10% from the same period last year, which beat the estimate of $188,710,000.

Helmerich & Payne, Inc. (NYSE:HP -- $19.77) engages in drilling oil and gas wells for exploration and production companies. Earnings per share were down 294.74% over the past year to ($0.74), which beat the estimate of ($0.80). Revenue of $208,267,000 decreased by 67.91% from the same period last year, which beat the estimate of $201,980,000.

Post Holdings, Inc. (NYSE:POST -- $97.12) operates as a consumer packaged goods holding company. Earnings per share decreased 58.27% over the past year to $0.58, which missed the estimate of $0.77. Revenue of $1,411,000,000 declined by 2.22% year over year, which missed the estimate of $1,440,000,000.

Ross Stores, Inc. (NASDAQ:ROST -- $111.30) operates off-price retail apparel and home fashion stores. Earnings per share fell 0.97% over the past year to $1.02, which beat the estimate of $0.61. Revenue of $3,755,000,000 declined by 2.44% year over year, which beat the estimate of $3,430,000,000.

Williams-Sonoma, Inc. (NYSE:WSM -- $97.16) operates as an omni-channel specialty retailer of various products for home. Earnings per share were up 150.98% over the past year to $2.56, which beat the estimate of $1.53. Revenue of $1,765,000,000 rose by 22.40% year over year, which beat the estimate of $1,600,000,000.

Woodward, Inc. (NASDAQ:WWD -- $107.49) designs, manufactures, and services control solutions for the aerospace and industrial markets worldwide. Earnings per share were down 38.52% over the past year to $0.75, which beat the estimate of $0.54. Revenue of $531,264,000 declined by 27.87% from the same period last year, which beat the estimate of $520,520,000.

Workday, Inc. (NASDAQ:WDAY -- $223.61) provides enterprise cloud applications worldwide. Earnings per share rose 62.26% over the past year to $0.86, which beat the estimate of $0.67. Revenue of $1,106,000,000 rose by 17.90% year over year, which beat the estimate of $1,090,000,000.

Even though Wall Street is heading toward a holiday-shortened week next week, there's still plenty for investors to look forward to. Monday features a plethora of data, including the Chicago Fed national activity data, while Tuesday follows up with the Case-Shiller national price index. Wednesday is where the bulk of this week's data is, including employment data, as well as durable goods orders, new home sales, and plenty of consumer data. 

While earnings season is coming to an end, a number of retail names are still ready to release their reports, including Best Buy (BBY), Dick's Sporting Goods (DKS), Dollar Tree (DLTR), Gap (GPS), and Urban Outfitters (URB). All earnings and economic dates listed below are tentative and subject to change. Please check with each company's respective website for official reporting dates.

Remember, the market will be closed on Thursday in observance of Thanksgiving, and closed for a half day on Friday (open from 9:30 a.m. ET until 1:00 p.m. ET).

Even though Wall Street is heading toward a holiday-shortened week, there's still plenty for investors to look forward to. Monday features a plethora of data, including the Chicago Fed national activity data, while Tuesday follows up with the Case-Shiller national price index. Wednesday is where the bulk of this week's data is, including employment data, as well as durable goods orders, new home sales, and plenty of consumer data. 

While earnings season is coming to an end, a number of retail names are still ready to release their reports, including Best Buy (BBY), Dick's Sporting Goods (DKS), Dollar Tree (DLTR), Gap (GPS), and Urban Outfitters (URB).

Below is a brief list of some key market events and a few high-profile earnings releases scheduled for the upcoming week. All earnings and economic dates listed below are tentative and subject to change. Please check with each company's respective website for official reporting dates.

Monday, November 23 kicks the week off with a bang, as the latest Chicago Fed national activity data is due out. Additionally, Markit manufacturing and services PMI will  be reported.

Tuesday, November 24 comes with the Case-Shiller national home price index, as well as the consumer confidence index.

It's an absolutely jam-packed day on Wednesday, November 25, as initial and continuing jobless claims data is slated to be released. Meanwhile, durable goods and core capital goods orders data are on tap, as well, while new home sales will be reported later on. Rounding out the day, personal income, consumer spending, core inflation, and the consumer sentiment index data are all due out.

Thursday, November 26 is Thanksgiving Day, so the markets will be closed for the holiday.

It's a similarly slow day on Friday, November 27, as no economic data will be released and markets closing at 1 p.m.

The shares of Nasdaq Inc (NASDAQ:NDAQ) are up 3% at $126.43 this morning, following news that the shares exchange operator entered a definitive agreement to purchase anti-financial crime software name Verafin in a $2.75 billion cash deal. Nasdaq said it believes the deal will bolster its current suite of financial security products. 

This pop has NDAQ set to snap a five-day losing streak, bolstered by familiar support at the 150-day moving average -- a trendline that deftly captured a pullback in late October. Though it still has a ways to go before reaching its Nov. 9 all-time-high of $139.50, the equity still sports a 19.6% year-over-year lead. 

While options volume remains subdued, the 799 calls that have crossed the tape so far today are more than double what is typically seen at this point, and over three times the number of puts exchanged. Most popular by far is the monthly December 120 call, where positions are currently being opened, while the November 120 call is trailing behind. 

The brokerage bunch is split on the security, with six of the 13 in question calling it a "strong buy," and seven saying "hold." Meanwhile, the 12-month consensus price target of $143.56 is a 13.4% premium to current levels.