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Stocks Cut Morning Gains, Dow Down Triple Digits

The Dow was last seen down 131 points

Markets are mixed midday as the major indexes struggle for direction. The Dow Jones Industrial Average (DJI) was last seen down 131 points, while the S&P 500 Index (SPX) is waffling at the breakeven in an attempt to dig itself out of bear market territory. The Nasdaq Composite (IXIC), meanwhile, is comfortably higher. 

A drop in jobless claims for last week helped boost sentiment earlier, though the possibility of a recession still looms large in Wall Street’s collective consciousness. Oil prices keep dropping too, as traders weigh demand against tightening supplies. At last glance, U.S. West Texas Intermediate (WTI) crude was down 1% at $105.16 per barrel. 

Continue reading for more on today’s market, including:

  • WeWork stock could double, according to Credit Suisse.
  • The homebuilding stock surging after earnings
  • Plus, options bulls eye EXPE; FSTX surges on buyout news; and Nasdaq newbie plummets.

Options bulls are targeting Expedia Group Inc (NASDAQ:EXPE) at an elevated clip today. So far, 12,000 calls have exchanged hands, which its three times the intraday average, compared to 2,053 puts. The most popular contract is the weekly 7/1 97.50-strike call, followed distantly by the weekly 6/24 99-strike call, with new positions being bought to open at both. EXPE was last seen down 2.7% at $94.50, and earlier fell to a fresh one-year low of $92.86. This bullish options activity suggests traders expect this pullback to be short-lived, despite the stock’s 47.5% year-to-date deficit.

One of the best stocks on the Nasdaq is F-Star Therapeutics Inc (NASDAQ:FSTX). The equity was last seen up 59.8% at $6.36, after news that Sino Biopharmaceutical agreed to buy F-Star in a deal worth roughly $161 million, or $7.12 per share. FSTX has been on the rise since its May 12, record low of $2.07, and is now trading at its highest level since November. Plus, the security has cleared a long-term ceiling at the 180-day moving average for the first time in almost one year, and now sports a 26.3% year-to-date lead. 

IperionX (NASDAQ:IPX) is one of the worst performing stocks on the Nasdaq today. Last seen down 19% to trade at $6.40, IPX began trading on the Nasdaq on Tuesday, June 21. The stock rose to $8 yesterday, but earlier today hit a low of $6.37.