The Dow Jones Industrial Average (DJI) is extending its premarket losses, down 265 points at midday, as protests in China over the country's zero-Covid policy weigh on investor sentiment globally. Apple (AAPL) in particular is feeling the heat after Wedbush said the protests could lead to an iPhone shortage of up to 10% this holiday season. Meanwhile, the retail sector is in the spotlight this Cyber Monday, especially after online Black Friday sales hit a record-breaking $9 billion.
Axsome Therapeutics Inc (Nasdaq: AXSM) is seeing a bullish options surge today, after a late-stage study of its experimental drug, AXS-05, met its primary and key secondary goals in treating Alzheimer's agitation. So far, 10,000 calls have been exchanged -- eight times the intraday average -- compared to 3,603 puts. The December 100 call is the most popular, with new positions opening there. AXSM is up 33.2% at $75.67, its highest level since January of 2021.
Digital Group Brands Inc (Nasdaq: DBGI) is one of the top performers on the Nasdaq today, up 48.7% at $8.86 at last glance. The stock has been rallying since its Nov. 21 record low of $3.21, though still down 96% year-to-date. Should these gains hold, DBGI will secure its fourth-straight daily win.
CinCor Pharma Inc (Nasdaq: CINC) stock is crumbling after the company's experimental drug to treat high blood pressure, Baxdrostat, failed in a mid-stage study. CINC is down 46.9% at $14.08 at the last check and trading at its lowest levels since June.
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