The Dow and S&P 500 are on track for weekly losses
Stocks are slightly higher at midday as Wall Street kicks off a new month and quarter. the Dow Jones Industrial Average (DJI) is up 31 points, sweeping away the lackluster jobs data. the S&P 500 Index (SPX) is just above the break-even point, while Nasdaq Composite (IXIC) stands comfortably in the dark, despite the faltering bond market. The latter is the only benchmark pace for a weekly win. Elsewhere, West Texas Intermediate Crude (WTI) is trading around $100 a barrel, after the White House promised to release strategic oil reserves.
Keep reading to learn more about the current market, including:
- Why bullish options abound this EV stock today.
- Analyst Says Wynn Resorts Stock Boasts attractive valuation.
- Additionally, GameStop Reveals Stock Split Plans; MN pounces on takeover news; and Redwire stock was hit by a bearish note.
GameStop Corp. (NYSE: GME) is seeing unusual options activity today after the company announced plans to increase the number of shares outstanding from 300 million to 1 billion in a bid to trigger a stock split. As a result, 156,000 calls and 62,000 puts crossed the band, twice the intraday average. The most popular by far is the 4/1 200-strike call, followed by the 250-strike call of the same series, with new positions open to both. GameStop Action was last seen up 4.3% to $173.66 as the flattened 180-day moving average saw some declines in recent sessions. Year-to-date, GME is up 16.3%.
The best performing stock on the New York Stock Exchange (NYSE) today is by far Manning and Napier Inc. (NYSE: MN). Last seen up 41.4% at $12.76, MN is now trading at around seven-year highs after the investment firm was acquired by asset management firm Callodine Group in a $245.7 million deal. Year over year, stocks are ahead 97.4%.
Redwire Corp (NYSE:RDW) heads lower NYSE, last seen down 30.5% at $5.90, after Jefferies cut stock price target to $13 following 2021 financial report of the society. After going public in February 2021, Redwire stock steadily traded around the $10 mark, until volatility set in in September. RDW reached a record high of $16.98 on October 25, before falling to an all-time low of $4.25 on February 24. Year-over-year, shareholders’ equity decreased by 42.2%.