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Thursday, 01/04/2024 2:56:59 PM

Thursday, January 04, 2024 2:56:59 PM

Post# of 648882
Pharma Stock Novo Nordisk (NVO) Surges on New Drug Partnerships
By: Schaeffer's Investment Research | January 4, 2024

• Mobileye Global is one of the worst stocks on the Nasdaq today

• AAPL is eyeing its fourth-straight day in the red

Stocks are fighting tooth and nail to stay in positive territory today, as the sluggish start to 2024 continues. Notable movers today include self-driving tech stock Mobileye Global Inc (NASDAQ:MBLY), drugmaker Novo Nordisk A/S (NYSE:NVO), and tech titan Apple Inc (NASDAQ:AAPL).

MBLY was last seen down 26% to trade at $29.38, one of the worst stocks on the Nasdaq Composite (IXIC) today and heading for its worst single-session drop on record. The bear gap comes after the company disclosed fiscal first-quarter revenue will fall about 50% year-over-year, with orders pulling back as customers clear inventory. MBLY earlier hit a 52-week low of $28.19, and is headed for its lowest close since November 2022.

Options traders are chiming in. MBLY has seen over 36,000 calls and 28,000 calls exchanged so far, or 30 times the intraday average volume, with new positions being bought to open at the January 30 call, the most popular contract.

AAPL was last seen down 0.7% to trade at $182.92, on the heels of a Piper Sandler downgrade to "neutral" from "overweight." The shares are testing support at their 100-day trendline, and are pacing for their fourth-straight day in the red. Longer term, the Magnificent Seven stock has added 44.8% in the past 12 months.

NVO is enjoying a 4.5% pop to trade at $108.26 at last check, after announcing new partnerships with both Cellarity and Omega Therapeutics (OMG) that could lead to treatments for people living with obesity. The stock earlier scored a record high of $108.98, and blasted through overhead pressure at the $104 level, which capped a handful rallies since October. In the last year, NVO added 58.1%.

Options volume is running at four time the intraday average for NVO, with 29,000 calls and 14,000 puts traded. The most active is the February 110 call, with positions being bought to open.

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