All three major indexes are higher midday
The Nasdaq Composite Index (IXIC) is up 190 points as Big Tech stages a comeback following last week's selloff, with Nvidia (NVDA) stock up 3.4% at last look. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are on the rise as well, as investors react to this weekend's news that President Joe Biden dropped out of the U.S. presidential race and endorsed V.P. Kamala Harris.
Continue reading for more on today's market, including:
- Ryanair stock plummets as profit falls sharply.
- Abercrombie & Fitch's marketing improvements reel in an upgrade.
- Plus, CRWD's continued crash attracts traders; SAVA soars; and REIT STRW files for mixed shelf offering.
Options traders are blasting CrowdStrike Holdings Inc (NASDAQ:CRWD), as the company continues to fall following the major global IT outage. So far, 141,000 calls and 162,000 puts have been exchanged, which is already 4.2 times the average daily options volume. The weekly 7/26 250-strike put is the most popular, where new positions are being opened. At last glance, CRWD was down 10.6% at $272.55 and headed for its fifth consecutive daily loss. The security is also dropping below its 200-day moving average for the first time in over a year.
Cassava Sciences Inc (NASDAQ:SAVA) is up 34.9% at $13.60 at last glance, amid news that the company will release late-stage trial data for its Alzheimer's drug by December 2024. The stock hit a three-year low of $8.79 on June 28, and pulled back to $8.85 just last week. Year to date, the equity is down 40.8%.
Strawberry Fields REIT Inc (NYSE:STRW) is down 16.8% at $10.19 and on the short sell restricted (SSR) list today, after filing for a mixed shelf offering of up to $100 million. The 80-day moving average appears to be keeping losses in check, however. Since the start of the year, STRW is up 31.6%.