BAC shares are getting whacked today
The Dow is below breakeven today, as it heads for another weekly loss. Three stocks making notable moves are data storage issue Dropbox, Inc. (NASDAQ:DBX), financial name Bank of America Corp (NYSE:BAC), and tobacco concern Alliance One International, Inc. (NYSE:AOI). Let's take a closer look at what's moving shares of DBX, BAC, and AOI.
DBX Stock Explodes In Trading Debut
After seeing its initial public offering (IPO) priced at $21, Dropbox stock opened for trading today at $29, and was last seen hovering just above this mark at $29.26 -- giving the shares a one-day surge of 39.3% so far. Earlier they traded as high as $31.60. The IPO marks the biggest from the tech sector since Snapchat parent Snap went public this time last year.
BAC Set For Historic Weekly Drop
Bank of America stock is under pressure following the news of the big bank's $42 million settlement with New York regulators for an alleged "masking" scheme. BAC shares have slipped 3.4% to trade at $29.52, putting them on pace for a second straight close below the 80-day moving average, after not falling below the trendline since September. In fact, the equity's 8.3% week-to-date slide would be its largest since February 2016.
However, options traders are betting on a quick rebound. Trade-Alert notes substantial buy-to-open activity at the April 32 and 33 calls today. This is just business as usual, though, as call buying has roughly tripled put buying on BAC during the past two weeks at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX).
Marijuana Buzz Gives AOI Shares a Lift
Shares of Alliance One International are higher on news Canada's "Cannabis Act" has passed a second reading in the Senate. AOI stock was last seen up 4.9% at $26.28, as it continues its recent outperformance. Specifically, the equity has exploded from its perch near $13 from back on Feb. 8, just before the company announced it was moving into the cannabis business. The shares peaked at $30.70 back on March 15, and yesterday found familiar support above the 20-day moving average.