Stocks Mixed At Midday, Still On Track For Solid Weekly Gains

The major benchmarks are looking to wrap up the week with solid gains, though they are mixed this afternoon. At last check, the Dow Jones Industrial Average (DJIis up about 75 points, while the S&P 500 Index (SPX) is slightly above breakeven and just shy of an all-time high once again. Meanwhile, the Nasdaq Composite (IXIC) is marginally lower. Elsewhere, the 10-year Treasury yield inched higher to 1.66%, following the release of data that showed the producer price index (PPI) -- a measurement of wholesale price inflation -- rose in March. Additionally, the PPI is up over 4% year-over-year -- the highest annual gain in over nine years.

Midday Market Stats April 9

One stock options bulls are targeting today is FuboTV Inc (NYSE: FUBO). So far, 333,000 calls have crossed the tape, which is more than 11 times what is typically seen at this point. The weekly and expiring4/9 25-strike call is the most popular, followed by the 24-strike call in the same series, with new positions being opened at both. At last check, FUBO is up 17.3% at $24.27, after the company won the streaming rights to the Qatar World Cup 2022 qualifying matches. FuboTV stock has a long way to go to before it reclaims its Dec. 22 all-time high of $62.29, but today's positive price action is a step in the right direction. The equity has support in place from the $20 level, as well as its 250-day moving average. In the last six months, FUBO has added 142.8%.

FUBO Chart 2 April 9

Soaring to the top of the Nasdaq today is Affimed NV (Nasdaq: AFMD), last seen up 23.6% at $9.75, after the biopharmaceutical concern reported upbeat data from an early-stage trial of lead cancer therapy, AFM13, in combination with natural killer (NK) cells in patients with blood cancer. In addition, the company yesterday announced it will release full 2020 results, as well as a corporate update on Thursday. The news sent the security soaring to an over five-year high of $9 earlier today, an impressive feat for a stock that was trading under $2 during last March's broader market pullback. In fact, year-over-year, AFMD is up 405.5%.

Near the bottom of the Nasdaq today is Alector Inc (Nasdaq: ALEC), down 9.3% at $17.80 at last check, though its unclear exactly what is sinking the biopharmaceutical name. The $20 level is acting as a ceiling for the shares, though the 80-day moving average seems to be keeping more substantial losses in check. The equity is down 13.2% this quarter, and 24.6% year-over-year.

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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