Options bulls are targeting silicon battery name Enovix Corp (NASDAQ:ENVX) today, amid the stock's soaring price action. So far, 45,000 calls and 8,791 puts have been exchanged, which is already four times the average daily volume. The April 15 call is the most popular, followed by the July 5 call. 

ENVX is up 18.6% at $13.33 at last glance, after the company signed a non-binding letter of intent with Malaysia-based Ybs International Berhad (YBS). The stock is up 6.7% year-to-date now, though its 200-day moving average is applying pressure to today's pop. 

A short squeeze could keep the wind at the stock's back. Short interest represents 17.1% of the stock's available float and it would take over four days to buy back these bearish bets, at ENVX's average pace of trading. 

UBS hit Medtronic PLC (NYSE:MDT) with a downgrade to "sell" from "buy," with a steep price-target cut to $79 from $127. The firm stated that "despite the company's ongoing transformation, the firm lacks conviction that it can return to sustainable, mid-single digit top-line growth" and added that is has been losing share in some of its highest growth businesses such as diabetes. 

At last glance, MDT was down 0.7% at $78.79. Long-term pressure at the descending 200-day moving average helped push the shares lower throughout the month of February. Year-to-date, the equity is up 1.7%. 

Of the 30 analysts in coverage, 18 carry a "hold" or worse rating, with 12 a "buy" or better. The 12-month consensus price target of $89 is a 12.6% premium to current levels. 

Foot Locker Inc (NYSE:FL) stock is 1.2% lower ahead to trade at $39.46 this morning, after UBS downgraded the retailer to "sell," noting that the company will struggle in the event of a recession.

The bear note comes despite last week's stellar fourth-quarter earnings report that saw FL trade as high as $47. Today's pullback would see the stock snap a three-day win streak, and move back closer to its year-to-date breakeven mark. Year-over-year, however, FL remains more than 30% higher. 

A short squeeze could keep the wind at the stock's back. Short interest fell by 4% in the most recent reporting period, yet the 8.52 million shares sold short accounts for nearly 10% of FL's total available float. 

The options pits show a penchant for calls. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 50-day call/put volume ratio of 2.42 ranks higher than 99% of readings from the past year, showing long calls being picked up at a much faster-than-usual rate. 

FL is seeing well-priced premiums at the moment, too. The stock's Schaeffer's Volatility Index (SVI) of 41% stands higher than just 8% of all other readings in its annual range, implying that options players are pricing in low volatility expectations at the moment. 

Futures on the Dow Jones Industrial Average (DJI) and Nasdaq Composite Index (NDX) are up triple digits this morning, while S&P 500 Index (SPX) futures sit comfortably higher as well, as falling bond yields help the market recover from yesterday's slide. Meanwhile, oil futures are climbing to their highest level in two weeks. 

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

• Behind Biomea Fusion stock's record highs. 
• Options traders target Alibaba stock after company update.  
• Plus, 2 post-earnings pops to watch and analyst makes a move on DE with a bull note. 

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw 923,344 call contracts and 687,552 put contracts traded on Tuesday. The single-session equity put/call ratio rose to 0.74 and the 21-day moving average stayed at 0.79.
2. Lululemon Athletica Inc (NASDAQ:LULU) is up 16.2% premarket, after the company reported better-than-expected fiscal fourth-quarter results and raised its annual forecast. Citigroup upgraded the stock to "buy" from "neutral" after the news, while no fewer than 13 other analysts lifted their price targets. Should these gains hold, LULU will gap into positive territory since the start of the year. 
3. Micron Technology Inc (NASDAQ:MU) is also enjoying a post-earnings pop, up 2.6% before the bell. The company announced narrower-than-expected fiscal second-quarter losses per share, but lower-than-expected revenue. The shares are getting a boost from the company's increased workforce reduction target as well as its artificial intelligence (AI) optimism. Plus, no fewer than five analysts raised their price objectives. Year-to-date, MU is up 18.6%. 
4. Daiwa initiated coverage on Deere & Co (NYSE:DE) with an "outperform" rating and $440 price target, one day after Zacks Equity Research called it the "Bull of the Day." Up 0.9% in electronic trading, DE is down 8.6% year-over-year. 
5. Pending home sales is the only notable economic data due out today. 

Stocks Higher in Asia, Europe

Stocks in Asia were mostly higher Wednesday, as investors continue to ride the buzz surrounding Alibaba’s (BABA) business change. China’s Shanghai Composite was the only loser, falling 0.2%. Meanwhile, Japan’s Nikkei added 1.3%, Hong Kong’s Hang Seng jumped 2.1%, and South Korea’s Kospi climbed 0.4%.

Over in Europe, markets are enjoying midday gains, as the banking sector sees a lift following news UBS will appoint Sergio Ermotti as the group’s CEO starting April 5. This change comes just after the company’s acquisition of Credit Suisse (CS). At last check, London’s FTSE 100 is up 0.9%, France’s CAC 40 has tacked on 1.3%, and Germany’s DAX is 0.9% higher.

A back-and-forth session ultimately saw Wall Street finish lower, as rising bond yields dampened investor sentiment. Despite upbeat consumer confidence data, the Dow and S&P 500 snapped three-day win streaks, while the tech-heavy Nasdaq also landed firmly in the red. Nevertheless, the Cboe Volatility Index (VIX) tagged its third-straight loss and closed below the psychologically-significant 20 level for the first time in nearly three weeks.

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

• Options bulls should consider this semiconductor stock.
• Unpacking this blue-chip pharma giant's quarterly report.
• Plus, Alibaba's big announcement; biotech stock breaks out; and PARA's bull note.

5 Things to Know Today 

1. Federal prosecutors alleged Sam Bankman-Fried, co-founder of defunct FTX, bribed at least one Chinese government official. (CNBC)
2. Amazon.com (AMZN) is reportedly interested in buying AMC Entertainment (AMC). (MarketWatch)
3. Alibaba stock options surge after big announcement.
4. Upbeat drug trial data boosts biotech stock.
5. Paramount Global stock earned analyst praise.

Oil Nabs Another 2-Week High as Bank Worries Ease

Oil futures marked their highest close in more than two weeks, with May-dated crude adding 39 cents, or 0.5%, to settle at $73.20 per barrel. Black gold prices were boosted by waning banking fears, bolstered Chinese energy demand, and a short-term-oil-supply disruption.

Following back-to-back losing sessions, gold prices snapped back Tuesday thanks to easing banking worries. April-dated gold popped $19.70, or 1%, to settle at $1,973.50 per ounce.

The shares of Biomea Fusion Inc (NASDAQ:BMEA) are soaring today, up 88.1% at $29.03 at last glance and earlier hitting a record high of $29.49, all of which contributed to an impressive 243.9% year-to-date lead. The biotech name reported promising data from a mid-stage study of its diabetes therapy, BMF-21, after which Piper Sandler lifted its price target to $40 from $16. 

Options traders are blasting BMEA in response, with 2,482 calls and 5,046 puts exchanged so far, or 15 times the intraday average. The April 30 call and 15 put are the most popular, with new positions opening at both. 

Analysts are wholeheartedly bullish on Biomea Fusion stock, with all six firms in coverage carrying a "strong buy" rating. The 12-month consensus price target of $30.17 is a slim 4.2% premium to current levels, though, indicating additional bull notes may be on the horizon.

Alibaba Group Holding Ltd (NYSE:BABA) announced Tuesday that the company will split into six businesses, each with the ability to raise outside funding, go public, and be managed by its own CEO and board of directors.

Alibaba stock is jumping in response. The shares were last seen 11.2% higher to trade at $95.74, moving back above their year-to-date breakeven and pacing for their best close in more than a month. More importantly, BABA late last month experienced a golden cross of its 80-day and 200-day moving averages -- of which, the shares are now wedged between. This could indicated further gains for the equity in the coming weeks.

The China-based e-commerce giant's options pits are exploding with activity today, too. Total options volume is running at quadruple the average intraday amount, with 446,000 calls and 119,000 puts exchanged so far. The weekly 3/31 100-strike call is leading the charge, followed by the June 100 call, and new positions are being opened at both contracts.

A broader look shows calls have been the popular options of late. Data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows BABA 's 10-day call/put volume ratio of 4.48 ranks in the elevated 99th annual percentile. Echoing this, the security's Schaeffer's put/call open interest ratio (SOIR) of 0.40 stands higher than just 2% of annual readings.

Now looks like a good time to weigh in on the security's next move with options. The stock is seeing attractively priced premiums at the moment, per Alibaba stock's Schaeffer's Volatility Index (SVI) of 46%, which sits in the low 3rd percentile of its annual range. Plus, the equity's Schaeffer's Volatility Scorecard (SVS) of 87 out of 100 means the stock has exceeded option traders' volatility expectations during the past year.