Wall Street is brushing off Moderna's new vaccine update
The Dow Jones Industrial Average (DJI) is down over 400 points midday, dipping into November's sizable gains as Wall Street comes off a historic Thanksgiving week. Even amid today's pullback, the blue-chip index is still on track for its best month since 1987. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are swimming in the red today as well, despite Moderna's (MRNA) vaccine update. Meanwhile, news that the Trump administration is considering blacklisting China-based chipmaker SMIC and oil giant CNOOC has increased U.S.-China tensions ahead of the transition to Biden's presidency.
Continue reading for more on today's market, including:
- A look at Kroger's recent earnings history ahead of earnings Thursday.
- Outperforming diamond jewelry stock keeps climbing.
- Plus, GameStop calls flying off shelves; CAAS soars on product forecast; and the renewable energy stock falling.
One stock seeing notable options activity on the New York Stock Exchange (NYSE) today is GameStop Corporation (NYSE:GME). Though the reason for today's surge is unclear, GME is up 14.8% at $18.46 at last check, a fresh two-year high. So far, 99,000 calls and 33,000 puts have crossed the tape, seven times what's typically seen at this point. Most popular by far is the weekly 12/4 20-strike call, expiring at the end of this week -- where new positions are being opened. Year-to-date, GME is up 203.8%.
Meanwhile, China Automotive Systems Inc (NASDAQ:CAAS) is up 59.5% at $6.11, after the company's strong forecast for power steering products. Today's bull gap has the stock at a new four-year high, and trading at over four times its record March lows. Year-to-date, the equity is up 86.%.
Elsewhere, Sunworks Inc (NASDAQ;SUNW) is plummeting 13% to trade at $4.86 at last check, after the renewable energy name filed a prospectus supplement in regard to its potential $20 million stock offering. Contending with former support at the 10-day moving average, SUNW is still up 300% year-to-date.