Major Benchmarks Higher, Headed For Weekly Wins

Stocks are higher as the end of the week approaches, with the Dow Jones Industrial Average (DJI) up 159 points, as all three major indexes head for weekly wins. Investors are keeping an eye on bond yields, particularly the 10-year Treasury yield, which briefly dipped below 4%. Also in focus is the Institute of Supply Management's (ISM) services purchasing managers' index (PMI), which came in at 55.1% for February, above estimates of 54.3%.

MMC Mar3

Options traders are targeting Marvell Technology Inc (Nasdaq: MRVL), as the company slides following a disappointing current-quarter forecast. Plus, no fewer than 12 analysts cut their price targets after the tech name's mixed fourth-quarter report. So far, 48,000 calls and 48,000 puts have been traded, which is seven times the intraday average amount. The March 45 call is the most active contract, followed by the April 35 put, with positions opening at the latter. MRVL was last seen down 8.5% at $42.30, though its 100-day moving average appears to be providing support amid today's pullback. 

MRVL Mar3 Inc (NYSE: AIis up 27.4% at $27.14 at last glance, after the company's better-than-expected fiscal third-quarter results. Wedbush raised its price target to $24 from $13 in response, while two other analysts also chimed in with price-target hikes. More artificial intelligence (AI) stocks are enjoying a boost, as traders bet on growth after's upbeat forecast. Year-to-date, the equity is up 140.3%. 

Meanwhile, Biomerica Inc (Nasdaq: BMRAis down 17.2% at $2.30, and on the short sale restricted (SSR) list, after the biomedical concern priced the $8 million underwritten public offering of its common stock at $2.40 per share. Now trading at its lowest level since March 2020, BMRA is down 44.3% year-over-year. 

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