The Dow is up roughly 270 points at midday
The Dow Jones Industrial Average (DJI) is looking to finish a volatile week on a high note, up roughly 270 points this afternoon and building on yesterday's rally. Investors are mostly brushing off the inflation fears that gripped Wall Street for the early part of the week, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) also look to be on the rebound.
Tech is seeing a strong resurgence again today, while stocks tied to the economic reopening are benefiting from the Center for Disease Control's (CDC) easing Covid-19 guidelines. Despite today's pop, it looks like all three indexes are still nursing sizable weekly losses, while the closely-watched Cboe Volatility Index (VIX) is set for its biggest weekly win since late-February.
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One stock seeing an influx of activity in its options puts is Plug Power Inc (NASDAQ:PLUG). The security is up 14% at $25.08 at last check following the company's completed restatement. The equity hit a six-month low of $18.47 earlier in the week, but looks to be recovering from the drop, though recent pressure at the 20-day moving average is still a technical obstacle. So far, 86,000 calls and 37,000 puts have crossed the tape -- double the intraday average. The two most popular positions by far are the weekly 5/14 25-strike call and the May 30 call, with new positions being opened at both.
One of the best performing stocks on the Nasdaq today is HyreCar Inc (NASDAQ:HYRE). The security is up 46.3% at $13.06, after the company reported a 29% increase in revenue to a record $7.4 million since last year for its first-quarter. The stock staged a sharp bounce off long-term support at its 140-day moving average, which captured its steep pre-earnings pullback from the $14 level. HYRE now boasts an impressive 618% year-over-year return.
CorMedix Inc. (NASDAQ:CRMD) is one of the worst stocks on the Nasdaq today, down 26.6% at $5.57 after the pharmaceutical company posted wider-than-expected losses for the first quarter, as well as revenue that missed analysts' estimates. Adding insult to injury, Needham also chimed in with a price-target cut to $29 from $31. CRMD is now trading at its lowest level in 2021, gapping below former support at the 200-day moving average right out of the gate.
