U.S. Stocks Extend Losses Midday
Stocks are expanding their losses today as attention shifts back to the pandemic
Despite yesterday's third-straight gain, the Dow Jones Industrial Average (DJI) is continuing to drop midday as attention shifts back to coronavirus now that the U.S. has the most confirmed cases worldwide. The blue-chip index is down over 740 points, most hindered by Boeing (BA), which was last seen down nearly 10%. Not to be left behind, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also deep in the red.
Continue reading for more on today's market, including:
WW sinks lower despite analyst upgrade. The automobile manufacturer dipping lower today. Plus, CARG's option volume surge; APT rises amid coronavirus fears; and the cruiseline sliding alongside its sector.
One stock seeing an options volume surge today is CarGurus Inc (NASDAQ:CARG), last seen down 9.5% to trade at $18.57. The online automotive marketplace has seen 10,000 calls and 12,000 puts cross the tape so far -- 127 times the usual daily volume. Most popular by far are the August 30 call and the August 15 put, with positions being opened at both. This increase of attention comes after price-target cuts from both Citigroup and RBC to $28 and $25, respectively. After bouncing off a record low of $14.25 on March 17, CARG stock met its resistance at the 20-day moving average and round $20 mark.
One stock moving up on the New York Stock Exchange (NYSE) today is Alpha Pro Tech Ltd (NYSE:APT), up 16.9% to trade at $10.95 at last check. The company's air-filter face masks are undoubtedly gaining attention as the threat of coronavirus looms. However, the stock has had trouble moving higher since hitting a record high of $41.09 in mid-February, and has just met resistance at the 30-day moving average.
Meanwhile, towards the bottom of the NYSE today, closely followed by other big names in its sector, is Norwegian Cruise Line Holdings Ltd (NYSE: NCLH), down 18.4% to trade at $12.82. This dip most likely comes from news that the cruise comapnies are being cut out of the U.S.' coronavirus stimulus bailout. NCLH has been struggling in 2020 regardless, and now sports a 78% year-to-date deficit.