Stocks have been grinding higher today
The Dow Jones Industrial Average (DJI) is trading well into triple-digit territory today, thanks to President Donald Trump's Syria tweet this morning. While most sectors are higher amid the risk-on session, tech and financial stocks are doing much of the heavy lifting -- the latter of which comes ahead of tomorrow morning's onslaught of big bank earnings. Elsewhere, bitcoin is grabbing some headlines, too, as the cryptocurrency makes a huge move higher.
Continue reading for more on today's market, including:
- The sinking biotech stock hit with a rare downgrade.
- Inside Delta Air Lines' impressive quarterly results.
- Plus, a big options bet on one penny stock; M&A outlook brightens for Chicago Bridge & Iron; and one retailer's massive quarterly slump.
One name seeing unusual options activity
is vaccine specialist Novavax, Inc. (NASDAQ:NVAX), as the shares tumble 16.1% to $1.75, following the company's $50 million public stock offering, priced at discounted $1.65 per share. While NVAX has dipped below its 80-day moving average for the first time since December, one options trader is betting on a quick rebound. Specifically, 2,000 May 2 calls were bought to open earlier for 15 cents each, indicating expectations the stock will rally back above $2.15 in the weeks ahead. This price point had served as a floor since early March.
One of the top performers on the New York Stock Exchange today is Chicago Bridge & Iron Company N.V. (NYSE:CBI). The stock is trading up 10.6% at $14.97, after the freight name's preliminary first-quarter results topped expectations, while McDermott International (MDR) said the companies' merger is on pace to close this quarter. CBI is still lower on a year-to-date basis, though, and the shares are stalling near the 20-day moving average.
Over on the Nasdaq, retailer Bed Bath & Beyond Inc. (NASDAQ:BBBY) is collapsing, after the company's disappointing 2018 profit outlook. BBBY shares were last seen trading down 19.5% at $17.31, earlier hitting a nine-year low of $17.26.