Dow, SPX Fall From Record Intraday Highs
Stocks are mixed at midday, with the Dow Jones Industrial Average (DJI) reversing some of this morning's gains after briefly toppling the 36,000 level for the first time ever. Earlier hitting a record intraday high as well, the S&P 500 Index (SPX) is trading flat this afternoon, while the Nasdaq Composite (IXIC) sits modestly in the black. Meanwhile, the Institute for Supply Management's (ISM) manufacturing index dropped to 60.8 in October from September's 61.1, keeping within the growth threshold.
The New York Stock Exchange's (NYSE) Fubotv Inc (NYSE: FUBO) is seeing a surge in call activity today, with 114,000 calls across the tape so far, which is seven times the intraday average and over ten times the number of puts traded. The two most popular contracts are the weekly 11/5 33- and 35-strike calls, with positions being bought to open at both. Last seen up 8.9% to trade at $32.45, the stock is gearing up for its third-quarter earnings report, due out after the close on Tuesday, Nov. 9.
Near the top of the Nasdaq, today is ANI Pharmaceuticals Inc (Nasdaq: ANIP), up 42.6% to trade at $53.31 at last glance. The company this morning reported third-quarter earnings of $1.01 per share, which is higher than the estimated 70 cents per share, as well as a revenue beat. Plus, The U.S. Food and Drug Administration (FDA) approved the pharma name's Cortrophin Gel to treat multiple chronic autoimmune disorders. Now trading at its highest levels since March 2020, ANIP is up 82.5% year-to-date.
Conversely, the worst-performing stock on the Nasdaq so far today is Bit Digital Inc (Nasdaq: BTBT). The bitcoin mining name is down 20.7% at $11.29, in what appears to be a correction from last session's 41.8% pop. Down 48.2% year-to-date, the stock has been underperforming. However, its 100-day moving average swooped in as a consistent floor at the $9 level last week.
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