Stocks are firmly higher this afternoon, with the Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) sporting triple-digit leads midday. Despite paring larger gains, indexes have largely brushed off Iran state media reports that the country would not accept a U.S. ceasefire offer. The Associated Press had reported Iran received President Donald Trump’s 15-point peace plan, which the country dismissed before issuing a counterproposal. Oil prices and bond yields are both pulling back and contributing to investor optimism today, with semiconductor and financial stocks leading the charge.
Terns Pharmaceuticals Inc (TERN) stock is among the most heavily traded names in the options pits today, with more than 49,000 calls exchanging hands so far -- 89 times the intraday average volume -- compared to only 4,601 puts. The most popular contract is the May 15 call, with positions being sold to open. TERN was last seen up 5.4% to trade and earlier hit a record peak of $52.79, following reports that Merck (MRK) will buy the pharma concern for roughly $6.7 billion. The shares sport a 1,486.9% year-over-year lead.
Hewlett Packard Enterprise Co (HPE) stock is toward the top of the SPX today, up 7.3% at $25.66 at last glance trading at its highest level since October, earlier coming just one cent shy from record highs. HPE is on track for its fourth gain in five sessions and best day since June. Year over year, the tech stock has added more than 56%.
Generac Holdings Inc (GNRC) stock is at the bottom on the SPX, down 10% to trade at $188.59 at last check. This generator company will reorganize both domestic and international business segments into residential and commercial and industrial (C&I) divisions, with changes set to take effect on March 31. GNRC has shaved more than 20% off its Feb. 26, three-year high of $240.72, but still sports a 37.5% year-to-date lead.
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