The Dow is down around 200 points midday
As heavy-weight Walt Disney (DIS) and U.S.-China tensions permeate throughout the broader market, the Dow Jones Industrial Average (DJI) is down around 200 points midday. A steep selloff in the airline sector is also dragging stocks, with the S&P 500 Index (SPX) just below breakeven in today's session. On the flip side, the Nasdaq Composite (IXIC) is inching its way higher thanks to a lift out of tech.
Continue reading for more on today's market, including:
- Warren Buffet's big airline sector bust.
- Beverage name hikes stake in pot stock.
- Plus, Blackberry sees a surge in calls; APDN gets a boost from animal-tested vaccine; and CATS taking a dive on the charts.
One stock seeing notable options activity today is BlackBerry Ltd (NYSE:BB). Up 3.3% to trade at $4.20 at last check, the software company has seen 25,000 calls cross the tape so far, 11 times what's typically seen. Most popular is the weekly 5/8 4.50-strike call, where new positions are being opened. Though its unclear what's causing this surge in calls, the company has been attempting to recover from its record low of $2.70 on March 18, but ironically, has been pressured by the overhead $4.50 level. In simpler terms, call traders may be expecting BlackBerry stock to breakout above this long-term resistance by the end of the week when the weekly options expire.
Scaling the Nasdaq today is Applied DNA Sciences Inc (NASDAQ:APDN), up 58.1% at $10.48 at last check. This rise comes after the company reported positive data from its COVID-19 vaccine trial in mice. APDN is now gapping above former pressure at the $9 region.
On the other end of the spectrum is Catasys Inc (NASDAQ:CATS), last seen down 10.4% at $24.88. The reason for this sudden dip is unknown, as until last week, CATS had been on a steady climb up the charts from its March 23 low of $8.55. Today also has the stock dropping below its 20-day moving average for the first time since late March.
