Wall Street Rebound Gets Underway

Stocks are modestly higher today, looking to recover a small portion of yesterday's sharp selloff that saw the Dow Jones Industrial Average (DJI) drop over 500 points. Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is pulling back back from last session's surge. Meanwhile, oil prices are moving lower, after the U.S. revealed a 12-million barrel rise in weekly commercial crude inventories. 

MMC Feb14

Options bulls are targeting Robinhood Markets Inc (Nasdaq: HOOD), as the stock swings to nearly two-year highs after the trading platform's strong fourth-quarter results and forecast. So far, a whopping 333,000 call contracts have been exchanged in comparison to 52,000 puts, with overall volume at 4.2 times the usual daily volume already. The February 12 call is the most popular by far, with new positions being opened at the May 14 call. At last glance, HOOD was up 9% at $12.90, earlier hitting a peak of $13.90, and breaking into positive territory for 2024. 

HOOD Feb14

Cogent Biosciences Inc (Nasdaq: COGT) stock is soaring today, up 65.2% at $9.01 at last glance, after the company announced an oversubscribed $25 million private placement. Gapping above its 80-day moving average, which rejected rallies in December and earlier this month, the equity is up 53.8% since the start of 2024. 

Upstart Holdings Inc (Nasdaq: UPST) is down 20.6% at $26.12 at last check, despite narrower-than-expected fourth-quarter losses per share and a revenue beat, after the company's disappointing first-quarter revenue forecast. Dropping below a confluence of moving averages above the $30 level, the equity is down 36% in 2024, but still up 55% since last February. 

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