The Dow is up triple digits at midday
After a muted morning, the major benchmarks are notably higher at midday, brushing off concerns surrounding U.S. President Joe Biden's capital gains tax plan, which could send rates as high as 43.4% for those earning $1 million and above. The Dow Jones Industrial Average (DJI) is up roughly 178 points last check, thanks to outsized gains from the tech and financial sectors, though it is still eyeing a weekly decline. The same can be said for the S&P 500 Index (SPX) and Nasdaq Composite (IXIC), both of which boast substantial gains this afternoon, but less-than-stellar performances for the week.
Continue reading for more on today's market, including:
- Options bulls target Snap stock after its revenue beat.
- A dismal forecast has bears piling on this chipmaker.
- Plus, MVIS options pop on Reddit buzz; bank name soars after earnings win; and Quidel plunges on lackluster preliminary report.
One stock attracting unusual options activity today is Microvision, Inc. (NASDAQ:MVIS). So far, 81,000 calls have crossed the tape, which is six times the intraday average. Most popular is the monthly May 20 call, followed by the 16 call in the same series, with new positions being opened at both. At last check, MVIS is up 27.6% at $16.76, after the security was mentioned on Reddit's infamous WallStreetBets forum. Microvision stock is set to lock in its third-consecutive win, with today's pop placing it above the 50-day moving average for the first time since April. Though it is still far removed from its Feb. 16, 11-year high of $24.18, MVIS is up 214.1% in 2021.
One stock standing at the top of the Nasdaq today is Meridian Bancorp Inc (NASDAQ:EBSB), last seen up 17.6% at $20.95, after the bank concern reported first-quarter earnings that were well above Wall Street's estimates. As a result, the equity hit a three-year peak of $21.14 earlier today, bouncing off the $17.50 level with support from the 80-day moving average. Year-over-year, EBSB boasts a notable 96% lead.
Meanwhile, near the bottom of the Nasdaq is Quidel Corp (NASDAQ:QDEL), last seen down 8.3% at $112.13, and slipping below the $115 area for the first time since April 2020. This negative price action comes after the company released preliminary first-quarter results that were below analysts' estimates. On the charts, the security is also facing continued overhead pressure from the 20-day moving average. QDEL has shed 37.6% already in 2021.