The S&P 500 and Nasdaq are higher as well
Stocks are pointed higher this afternoon, as Wall Street pores over the latest batch of quarterly reports amid one of the busiest weeks of earnings season. The Dow Jones Industrial Average (DJI) boasts a triple-digit lead, up 400 points at midday after being boosted by blue-chip component Johnson & Johnson's (JNJ) first-quarter results. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also sporting comfortable gains at the halfway mark. March's housing starts and building permits data came in today as well, and both beat analysts' expectations.
Continue reading for more on today's market, including:
- Cassava Sciences' Alzheimer's drug raises new concerns.
- This logistics concern's strong earnings report attracted a host of attention.
- Plus, options traders respond to AXSM's FDA hopes; pharmaceutical stock's acquisition news; and NetGear's lackluster preliminary results.
Axsome Therapeutics Inc (NASDAQ:AXSM) is trading at $38.53, up a staggering 17.9% at midday after the company said it expects the U.S. Food and Drug Administration (FDA) to take action on its depression drug application AXS-05 in the near future. Options traders are taking note, with 4,355 calls and 3,956 puts exchanged so far, which is six times the amount typically seen at this point. The most activity is occurring at the May 25 and 20 puts. The shares are on track to snap an eight-day losing streak, which culminated in yesterday's close below the 200-day moving average. Year-to-date, Axsome Therapeutics stock is up 4.3%.
The best performing stock on the Nasdaq so far today is Checkmate Pharmaceuticals Inc (NASDAQ:CMPI), and it's not even close. The equity was last seen up 332.8% to trade at $10.43, following news that Regeneron Pharmaceuticals (REGN) is acquiring the company for about $250 million. CMPI is trading at its highest level in a year as a result, and now sports a 263.4% year-to-date lead.
NetGear, Inc. (NASDAQ:NTGR), meanwhile, is pacing near the bottom of the index after reporting weaker-than-expected preliminary results for the first quarter and slashing its current-quarter revenue forecast. As a result, NTGR was last seen down 6.7% to trade at $21.59 -- its lowest level since the broader market's March 2020 pullback. Year-over-year, NetGear stock is down 44.2%.