Nasdaq Notches More Fresh Highs While Dow, S&P 500 Cool

Stocks are relatively flat at midday. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPXare both looking to snap six-day win streaks, with the former eyeing a roughly 60-point drop this afternoon. Meanwhile, the Nasdaq Composite (IXIC) has managed to reverse some of this morning's losses and was last seen moderately higher, set to nab its fourth-consecutive win after earlier hitting yet another intraday record.

Some on Wall Street are predicting a correction for the markets, as investors begin to take profits on February's impressive rally. All eyes are still on stimulus talks, however, amid news that President Joe Biden will meet with chief executives of several massive companies, including JPMorgan (JPM) and Walmart (WMT), to discuss the "critical need" for his $1.9 trillion Covid-19 rescue plan. 

midday market stats feb 9

One equity on the New York Stock Exchange (NYSE) seeing considerable options activity today is China-based consumer lending concern Sos Ltd (NYSE: SOS). The security is down 3.7% at $3.90 at last check, falling after a five-day win streak sent the equity to an annual closing high of $4.05 during yesterday's trading. So far, 51,000 calls and 4,975 puts have exchanged hands, which is seven times the intraday average. The February 5 call is by far the most popular, followed by the 2.50 call in the same monthly series. The company announced today an agreement with several investors to exercise warrants to purchase more than 23 million of its American Depositary Shares (ADSs) at a price of $2 per share. The gross proceeds from these warrants are expected to be approximately $48 million. 

The top performing stock on the Nasdaq today is Applied UV Inc (Nasdaq: AUVI). The security more than quadrupled today, up 399.2% at $25.86 at last check, after subsidiary SteriLumen acquired practically all Akida Holdings assets. This deal gives the company the rights to manufacture and sell Akida's Airocide system, an airborne pathogen-killing technology. Today's pop has AUVI trading at fresh highs, toppling its previous Aug. 31 peak of $12.99 when it went public.

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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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