The Dow is just 10 points higher at midday
The major indexes are struggling for direction this afternoon, after fresh data from the U.S. Labor Department showed job openings in August fell sharply to 10.4 million, while workers quit retail and food jobs at record levels. Also weighing on investor sentiment is the International Monetary Fund's (IMF) slashed global growth forecast, which comes amid supply chain and Covid-related issues. The Dow Jones Industrial Average (DJI) is only 10 points higher at midday, while the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are just below breakeven.
Continue reading for more on today's market, including:
- Is now a good time to buy Nike stock?
- Why this analyst sees more growth for ABNB.
- Plus, Covid-19 vaccine update boosts biotech stock; RRD soars on buyout offer; and Trex stock extends trough.
One stock seeing a surge in options activity today is Ocugen Inc (NASDAQ:OCGN). Already, 106,000 calls and 18,000 puts have crossed the tape -- six times the intraday average. Most popular is the October 10 call, while new positions are being opened at the 9 call in the same series. At last check, OCGN is up 17.3% to trade at $9.02, after the company's Indian partner Bharat Biotech had its Covid-19 vaccine recommended for emergency use in children aged 2 to 18. The news pushed Ocugen stock above the $9 level for the first time since August, and helped it regain the support of the 180-day moving average. Year-over-year, OCGN boasts an incredible 2,534.2% lead.
Sitting at the top of the New York Stock Exchange (NYSE) today is RR Donnelley & Sons Co (NYSE:RRD), last seen up 38.3% at $6.82. This comes after top shareholder Chatham Asset Management offered to buy the rest of the company for $7.50 per share in cash -- a 52% premium to yesterday's close. The surge has RRD moving back toward its June 14, three-year high of $7.14, and has helped it notch a 423.9% year-over-year lead.
Meanwhile, near the bottom of the NYSE is Trex Company Inc (NYSE:TREX), last seen down 8.3% to trade at $94.49. Though there is no clear reason for the today's plummet, TREX is now trading at its lowest level since early August. The equity has shed 15.8% over the last month, as it continues to chip away at its slim 12.7% year-to-date lead.