The Dow Jones Industrial Average (DJI) is up 438 points midday, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) sit firmly in the black as well, with all three indexes looking to snap three-day losing streaks. News that Russia has been returning troops to deployment bases from their training exercises at the Ukrainian border has helped cool tensions between the two countries. Meanwhile, the producer price index (PPI) jumped 1% last month, above estimates of 0.5%, while U.S. Covid-19 cases are subsiding from their omicron-fueled January surge. 

Joby Aviation Inc (Nasdaq: JOBY) is seeing a surge in options activity, after news that the company is partnering with ANA Holdings to bring flying taxis to Japan. So far, 30,000 calls and 11,000 puts have crossed the tape, which is 11 times the intraday average. The jump in volume is mostly due to heavy activity at the March 5 call, where almost 22,000 contracts have been traded and where new positions are being bought to open. At last glance, JOBY was up 21.4% to trade at $5.78. 

Tower Semiconductor Ltd (Nasdaq: TSEM) is soaring, up 42% at $47.02, and trading at its highest levels since 2004, after news that Intel (INTC) will acquire the Israeli chipmaker for $5.4 billion. In response, Jefferies downgraded the stock to "hold" from "buy," with a price-target hike to $48 from $46. Year-to-date, TSEM is now up 18.6%. 

Meanwhile, Medpace Holdings Inc (Nasdaq: MEDP) is down 15% at $148.02, earlier hitting a one-year low of $143.64. The company reported mixed fourth-quarter results, with revenue missing estimates. Looking to snap its three-week win streak after bouncing off the $160 level, MEDP had been facing pressure at $180 before today's plummet. Year-to-date, the equity is down 30.8%.