Stocks are suddenly pulling back sharply at midday
Stocks are suddenly selling off sharply at midday, with the Dow Jones Industrial Average (DJI) down almost 300 points at last check. The losses are just as deep for the S&P 500 Index (SPX) and Nasdaq Composite (IXIC), while gold prices surge to fresh highs amid the risk-off trading. At last check, April-dated gold futures were trading up 0.8% at $1,624.10 per ounce. Similarly, the Cboe Volatility Index (VIX) is making a double-digit percentage move to the upside, while the technology sector is taking one of the biggest hits so far.
Continue reading for more on today's market, including:
- The buyout buzz boosting this brokerage stock.
- Breaking down L Brands' $525 million Victoria's Secret sale.
- Plus, bulls pick up CLVS stock before earnings; positive drug data pushes BBI stock higher; and TVTY hits four-year bottom.
Clovis Oncology Inc (NASDAQ:CLVS) is seeing an unusual amount of bullish activity in the options pits today, just ahead of its quarterly earnings report on Monday, Feb. 24. So far, 10,000 calls have exchanged hands -- two times the intraday average -- compared to just 1,946 puts. The February 10 call is the most popular, followed by the March 13 call, with positions being opened at the latter.
Brickell Biotech Inc (NASDAQ:BBI) is one of the top performers on the Nasdaq today, up 85.2% to trade at $3.37 after publishing positive data for its mid-stage study of its sofpironium bromide treatment in patients with axillary hyperhidrosis. BBI earlier hit a four-month high of $3.98, and is now being neatly contained by its 200-day and 140-day moving averages.
Tivity Health Inc (NASDAQ:TVTY) is one of the worst performers on the Nasdaq today following a dismal fourth-quarter earnings report, compounded by news that the company's CEO Donato Tramuto put in his immediate resignation. The news sparked at least seven price target cuts, and several downgrades from analysts, including Cantor Fitzgerald which slashed its price target to $17 all the way from $40, and downgraded the security to "neutral" from "overweight." At last check, TVTY is trading at its lowest level since 2016, down 44.7% at $12.71.