The Dow is up 310 points at last check
Stocks are looking to extend yesterday's gains, with the Dow Jones Industrial Average (DJI) up 310 points midday. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are confidently higher as well, the latter buoyed by a resurgent tech sector. Investors are unpacking a fresh batch of corporate earnings, while the 10-year Treasury yield pulls back from its recent multi-year highs ahead of tomorrow's highly-anticipated inflation report.
Continue reading for more on today's market, including:
- Why options traders are targeting this solar stock.
- Chipotle stock brushing off bear notes after earnings.
- Plus, options bulls target APPS; ECOL soars on buyout buzz; and QNST plummets after a dismal report.
Digital Turbine Inc (NASDAQ:APPS) is seeing notable options activity today, after the software name's upbeat fiscal third-quarter report. So far, 31,000 calls and 13,000 puts have crossed the tape, volume that is seven times what's typically seen at this point. The weekly 2/11 50-strike call is the most popular, with new positions being bought to open there. Up 3.7% to trade at $47.64, APPS is bouncing off the $35 level, home to its Jan. 24 low of $35.55 its lowest trading level since December 2020.
One of the best performers on the Nasdaq today is waste disposal stock US Ecology Inc (NASDAQ:ECOL), up 68.3% to trade at $47.40 and earlier hitting $47.80, its highest level since February of 2020. This eye-popping surges comes after news that rival Republic Services will be acquiring the company in an all-cash deal valued at roughly $2.2 billion.
Meanwhile, QuinStreet Inc (NASDAQ:QNST) is the worst performer on the Nasdaq today, down 31.9% to trade at $10.61 at last check, after the marketing name's disappointing fiscal second-quarter results. Both earnings and revenue came in below expectations, plus, QuinStreet lowered its full-year forecast on insurance market volatility. Year-over-year, QNST is now down 56.8%.