The Dow is still sporting a double-digit deficit
Stocks are attempting a rebound this afternoon, following their third-straight day of losses. Though the Dow Jones Industrial Average (DJI) is still lower, the S&P 500 Index (SPX) is inching higher, and the Nasdaq Composite (IXIC) sports a firm lead as investors buy beaten-down tech stocks. Wall Street is also eyeing Federal Reserve Chair Jerome Powell as he addresses the Senate Banking Committee. Meanwhile, oil prices moved back below $70.
Continue reading for more on today's market, including:
Western Alliance Bancorp (NYSE:WAL) is seeing increased options activity today. Last seen down 3.6% to trade at $35.29, 14,000 puts have exchanged hands already today, volume that's double the average intraday amount. WAL is down more than 40% since the start of the year, and is seeing pressure at its 80-day moving average as it heads toward its fourth-straight daily loss.
IGM Biosciences Inc (NASDAQ:IGMS) is 7.4% higher at $9.51 at last glance, climbing from last session's record low of $8.50, after the company announced a public offering of 10.6 million shares and a concurrent private placement of 2.8 million non-voting shares to Redmile Group. The company plans to raise $100 million to fund cancer as well as autoimmune and inflammatory disease treatments. Year-to-date, IGMS is still down roughly 43%.
One of the worst stocks on the Nasdaq today is Avid Bioservices Inc (NASDAQ:CDMO), after the company's fiscal 2024 revenue forecast came in below estimates. No fewer than three analysts slashed their price targets following its fiscal fourth-quarter earnings report, which was came in line with estimates. At last check, CDMO was down 14.4% to trade at $13.32, and is down roughly 6% in 2023.