All three major indexes are higher at midday, quickly reversing earlier losses as tech extends its climb. Both the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) have already hit record highs, while the Nasdaq Composite Index (IXIC) steadies itself near yesterday's all-time peak. Investors digested stronger-than-expected labor market data, with April job openings jumping to 7.6 million, their highest level in nearly two years and well above estimates. Meanwhile, Cleveland Fed President Beth Hammack indicated policymakers could consider additional interest rate hikes should inflation remain elevated.
Options traders are targeting Dollar General Corp (DG) today, after the discount retailer topped first-quarter earnings estimates and lifted its full-year guidance. So far, 13,000 calls and 18,000 puts have been exchanged so far today, five times the average rate, with the most activity at the weekly 6/5 95- and 105-strike puts. DG is brushing off the results, last seen down 2.4% at $107.29, contributing to its 19% year-to-date deficit.
Legend Biotech Corp (LEGN) is up 26.1% at $32.17 at last check, after data presented at the American Society of Clinical Oncology annual meeting showed early success in extending CAR-T therapy to solid tumors. The biotech name will present Phase 1 data for LB2501, its investigational in vivo CD19/CD20 dual‑targeting CAR‑T therapy, at the European Hematology Association Congress in Stockholm later this month. Today's pop has LEGN breaking above pressure at the $30 level, up 60% year to date.
Virgin Galactic Holdings Inc (SPCE) is taking a breather from its strongest-ever rally, down 33.2% to trade at $5.02 today after news that the company is restructuring First-Lien Notes to boost its liquidity outlook. Looking to snap a seven-day win-streak, the shares are still up roughly 87% in the last three months.
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