The Dow is up over 500 points midday
The major indexes are extending their rally off a mid-December losing streak, as upbeat earnings from Nike (NKE) and FedEx (FDX) provided some assurance to investors that upcoming corporate earnings may not be as bad as initially feared. On the data front, existing home sales dropped 7.7% for November, which was lower than the 5.9% drop expected. On the other hand, however, the consumer confidence index rose to a better-than-expected 108.3 for December. In response, the Dow Jones Industrial Average (DJI) is up more than 500 points, while the S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) both sport midday gains of more than 1%.
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Madrigal Pharmaceuticals Inc (NASDAQ:MDGL) is seeing an uptick in put activity as it continues to build on this week's more than 260% surge, following an upbeat study on its nonalcoholic steatohepatitis (NASH) drug. The security was last seen up 11% at $277.50, trading at its highest level since July 2018. Circling back to options activity, 3,777 puts have been exchanged so far, which is double the intraday average, compared to 1,998 calls. The most popular position is the January 2023 120-strike put, followed by the July 2023 250-strike put, with positions being bought to open at the latter.
SINTX Technologies Inc (NASDAQ:SINT) is one of the best performing stocks on the Nasdaq today, last seen up 73.8% at $12.91, following news that it received a $150,000 contract from a section of the U.S. Department of Defense. SINT is trading back above recent pressure at the 50-day moving average, though the $16 mark is working as a ceiling for the equity, keeping it at a 79.9% year-to-date deficit.
One of the worst performers on the Nasdaq is Lipella Pharmaceuticals Ord Shs (NASDAQ:LIPO). The equity was last seen down 23.3% at $3.61. The biotech stock went public yesterday, trading as high as $7.72 before settling at $4.71.