Dow Down Triple Digits As Slew Of Disappointing Earnings Roll In

A bevy of disappointing economic data and earnings reports are weighing on stocks this afternoon. The Dow Jones Industrial Average (DJIis down over 295 points, while the S&P 500 Index (SPXand Nasdaq Composite (IXIC) are also firmly in the red. More specifically, the ADP private payrolls survey for July showed an increase of 330,000 jobs, almost half the 653,000 expected. Plus, an earnings miss from General Motors (GM) is pouring cold water on today's reporting landscape. Meanwhile, investors are cautiously monitoring the spread of the Covid-19 delta variant, while the 10-year Treasury yield is moving higher, despite earlier falling below 1.13%.  

mmc chart aug 4

One stock seeing a surge of options activity today is Advanced Micro Devices, Inc(Nasdaq: AMD), last seen up 4.5% at $117.57, after earlier hitting an all-time high of $122.49. The stock has been surging since it announced better-than-expected second-quarter earnings last week, in addition to an upbeat third-quarter forecast. So far, a whopping 1.3 million calls have crossed the tape, as opposed to 502,000 puts, which is five times what is typically seen at this point. Most popular is the weekly 8/6 120- and 125-strike calls, with new positions currently being opened at both. Over the last three months, the equity has added 51.7%.

Beyondspring Inc (Nasdaq: BYSI) is one of the best-performing stocks on the Nasdaq today. The equity is up 162.3% to trade at $25.26 this afternoon, and earlier more than tripled to a three-year high of $28.74. Boosting the equity is positive data from Phase 3 trial of its lead drug, plinabulin, in combination with docetaxel to treat non-small cell lung cancer, with the study meeting its primary goal of statistically improving overall survival. This major bull gap has also helped the security breakthrough overhead pressure at the $12-$12.50 mark, which had been in place since March. In the last three months, BYSI has added 132.2%.

Meanwhile, one of the worst stocks on the Nasdaq is Zymergen Inc (Nasdaq: ZY). The equity is off 75.8% at $8.43 after its CEO stepped down and said he expects revenue from product sales to be "immaterial," up until 2022. The stock's market cap sank to just above $1 billion. ZY went public in April, capping out at the $52 level early on. Now ZY is off 82.1% in the last three months, with recent pressure forming at the 20-day moving average, prior to this session's plummet. 

ZY aug 4

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