Stocks are cooling off after rising to record highs this morning, as investors digest the latest information regarding additional fiscal stimulus. Senate Majority Leader Mitch McConnell told Politico that the two parties were "still looking for a way forward," and he wants Congress to approve a relief bill without legal immunity for businesses, and also devoid of state and local government relief.

Elsewhere, Treasury Secretary Steven Mnuchin proposed a $916 billion stimulus package to House Speaker Nancy Pelosi, as new COVID-19 cases in the U.S. average 200,000 per day. As a result, the Dow Jones Industrial Average (DJI) is down 74 points, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) both sit slightly in the red.

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

• Soup giant quickly dismisses impressive earnings beat.
• Did this food manufacturer brush off the pandemic?
• Plus, one airline seeing a surge in calls; more on Rite Aid stock's midday pop; and why GME's quarterly report tanked the stock.

One stock seeing notable options activity today is Spirit Airlines Incorporated (NYSE:SAVE), which was last seen up 1.3% to trade at $26.64. While not up a staggering amount at midday, 77,000 calls have already crossed the tape -- 13 times the intraday average and volume pacing in the top percentile of its annual range -- versus just 641 puts. Most popular by far is the January 2021 27.50-strike call, followed by the 30-strike call from the same series, with new positions being opened at the latter. From a long-term perspective, SAVE has backpedaled 29% over the last 12 months.

Meanwhile, one stock surging on the New York Stock Exchange (NYSE) today is Rite Aid Corporation (NYSE:RAD), last seen up 9.8% at $19.88, though the reason for today's rise remains unclear. Earlier, RAD rose to $19.98, just above its former annual high of $19.93. Quarter-to-date, Rite Aid stock has added an impressive 110%.

At the other end of the NYSE, GameStop Corp. (NYSE:GME) is down 17.2% to trade at $14.03, after the company reported disappointing quarterly results. Though losses were kept in check, revenue was substantially below what Wall Street estimated. As a result, the equity fell below $14 for the first time since Nov. 25, but is seeing a cushion of support at the 40-day moving average. Year-to-date, GME is up 128.3%.

The Dow Jones Industrial Average (DJI) is up triple digits at midday, extending its early morning surge. At last check, the blue-chip index is up around 155 points, as negotiations for another economic relief package remain underway, investors cheer Apple's (AAPL) plans to ramp up iPhone production in the first half of 2021, and vaccine rollouts continue across the U.S. Meanwhile the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are higher as well. Further, after weeks of delay, Senate Majority Leader Mitch McConnell officially recognized Joe Biden as president-elect, following the Electoral College's Monday certification.

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

• Billion-dollar buyout helps push LLY toward a win.
• With a shareholder meeting ahead, AutoZone stock looks promising.
• Plus, Baidu options fly off the shelves; LDL is the NYSE's biggest winner so far; and one cruise stock that can't catch a break.

Baidu Inc (NASDAQ:BIDU) is one stock seeing a surge in options activity today, thanks to reports that the company is in talks to produce electric vehicles. The equity was last seen up 9.8% to trade at $179.93, and so far today, 89,000 calls and 22,000 puts have already crossed the tape -- seven times the intraday average and volume pacing in the 100th percentile of its annual range. Most popular by far is the December 180 call, followed by the 185 call from the same series, with new positions being opened at both. Longer term, Dropbox stock has added 41.8% year-to-date.

Meanwhile, one stock standing at the top of the New York Stock Exchange (NYSE) today is Lydall, Inc. (NYSE:LDL), last seen up 14.7% at $33.80, earlier hitting a two-year high of $35.12, though the catalyst behind the surge is unclear. In the last nine months, Lydall stock has added over 270%.

At the other end of the NYSE, Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) is down 6.1% to trade at $23.86, after announcing a proposed offering of senior notes. The cruise line industry is has notably been hit particularly hard by the pandemic, and Norwegian Cruise Line stock has been no exception. The equity's 10-day moving average today has emerged as pressure on the charts once again, and NCLH has shed 58.9% in 2020.

Stocks remain little changed this afternoon, as lawmakers continue to progress on talks regarding additional fiscal stimulus and less-than-stellar economic data rolled in. At midday, the Dow Jones Industrial Average (DJI) is down a paltry 23 points, after it was reported that Congress was close to a $900 billion deal that would include a fresh round of direct payments, and exclude a liability shield for businesses, as well as state and local aid. Meanwhile the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are hovering just above fair value, following a fall in retail sales. Elsewhere, the Federal Reserve is slated to release its latest monetary policy statement later today, and the long term outlook is expected to be sunny thanks to vaccine optimism. 

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

• Moderna stock is slipping after a downgrade from Jefferies.
• Why Twitter stock might be a safe bet in 2021.
• Plus, bull note boosts Capri stock's options activity; one streaming service flying up the charts; and more on Penumbra's recall-related fall.

One stock seeing notable options activity today is Capri Holdings Ltd (NYSE:CPRI), after landing a bull note from UBS, who raised its price target on the equity to $50 from $26. The equity was last seen down 0.7% to trade at $40.06, and so far today, 19,000 calls and 9,254 puts have already exchanged hands -- 11 times the intraday average and volume pacing in the highest percentile of its annual range. Most popular by far is the February 45 call, followed by the 55 call from the same series, with new positions being opened at both. Quarter-to-date, CPRI has tacked on 122.4%.

Meanwhile, one stock standing near the top of the New York Stock Exchange (NYSE) today is Fubotv Inc (NYSE:FUBO), last seen up 8.6% at $28.75, back on its way toward two-year highs. Most likely triggering the surge is last night's initiation of coverage from Wedbush of "outperform." The equity has tacked on over 56% in the last month, guided higher by its 20-day moving average.

At the other end of the NYSE, Penumbra Inc (NYSE:PEN) is down 8.4% to trade at $173.11, after the medical device maker recalled its blood-clot removing catheter. The equity is now trading at its lowest level since June, and has gapped below the 320-day moving average for the first time since April. Still, PEN is clinging to its 5% year-to-date gain.