Dow Moves Lower As S&P 500 Eyes New Peak

The major benchmarks are relatively flat at midday, as investors await the latest Federal Open Market Committee (FOMC) meeting minutes. The central bank decided to leave interest rates where they are, but the minutes could hint as to when those may get hiked. At last check, the Dow Jones Industrial Average (DJIis down roughly 25 points, and the S&P 500 Index (SPX) is eyeing slight gains while flirting with a brand new all-time high. Elsewhere, the Nasdaq Composite (IXIC) is also in the black, once again likely due to retreating bond yields.

Midday Market Stats April 7.

One stock seeing a surge in bearish activity today is Bed Bath & Beyond Inc (Nasdaq: BBBY). So far, 7,721 puts have exchanged hands -- three times the intraday average -- versus just 1,948 calls. The April 30 put is by far the most popular contract by far. At last check, BBBY is down 1,4% at $28.13, though a catalyst for the negative price action is unclear. On the charts, Bed Bath & Beyond stock has traded mostly sideways for the last two weeks, finding a floor at the $28 level. Meanwhile, the ascending 60-day moving average had been providing support, even catching a February pullback, but yesterday crossed over into resistance territory. Year-over-year, BBBY is up 500.4%.

BBBY Chart April 7

Hovering near the top of the Nasdaq today is Biohaven Pharmaceutical Holding Co Ltd (Nasdaq: BHVN), last seen up 10.2% at $72.51, following news that its migraine drug sales beat Wall Street's estimates in preliminary first-quarter earnings results. In fact, the drug generated $43.8 million in revenue, far above the $36 million estimates. The security is now within reach of the $75 mark, after bouncing off the $63 level in March. Longer term, BHVN sports a 140.4% year-over-year.

Meanwhile, Natuzzi, S.p.A (Nasdaq: NTZ) is one of the worst performers on the Nasdaq today, down 14.8% at $12.78 at last check. This comes after the furniture concern reported lackluster fourth-quarter results. Yesterday's session saw the security soar to a record high of $15.86, and while NTZ hovered near those highs earlier today, the stock now just a hair above its year-to-date breakeven. Still, year-over-year, Natuzzi stock has added a whopping 2,479.4%.

Disclaimer: Schaeffer's Investment Research ("SIR" or "we" or "us") is not registered as an investment adviser. SIR relies upon the "publishers' ...

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