Nasdaq surges to record, FAA stalls Boeing 777X, airline stocks nosedive, AMC & GameStop jump

Yahoo Finance’s Jared Blikre reports on the day's trending tickers.

Video Transcript

KRISTIN MYERS: But I want to turn to Yahoo Finance's Jared Blikre for a look at what is trending right now. Jared, let's start with the NASDAQ hitting those record highs. Of course, fueled by those tech stocks. Tell us what's happening in the markets right now.

JARED BLIKRE: That's right. And it's been a banner month for the NASDAQ. And I'll tell you what, looking inside, we've seen semiconductors surge, software kind of come back. I've been looking at the ARC Innovation ETF and several of its components. I have those up on the Y-Fi interactive. And what's really jumping today are therapeutic stocks, specifically with genes, the CRISPR technology.

So if I sort by performance, we can see Intellia is up over 50%. This comes after its results from a gene editing study. They showed early signs of promise in treating disease inside the body. And you can see it really just breaking through this resistance level right here.

And we had some other names that are up, I guess, in sympathy. Beam Therapeutics, ticker BEAM, that's up 15% today, up 336% for the year. And also taking a look at CRISPR itself, CRISPR Therapeutics which had a really big surge in November, December, January. That was when ARC and all its components were kind of flying high there. You can see it is making a comeback as well.

So if we look at the performance over the last month, it's not just these biotech names today. Look at this, DocuSign up 40%, Roku up 27%, SHOP, Shopify, up 19%. So a lot of these components coming back. And as you mentioned at the back-- excuse me, I guess at the behest or at the expense of some of the value and cyclical names. Energy getting beat down today. Guys?

ALEXIS CHRISTOFOUROS: But Jared, I see one of the big reasons why the Dow is down so much is Boeing. It's off now more than 3 and 1/2 percent. I understand it might have to do some more testing on its wide-body plane, its new wide-body plane, which could delay it being available commercially.

JARED BLIKRE: That's right. And we already knew that the FAA had some hesitation going forward with the 777-X. And you can imagine they're just being extra cautious given what happened with the 737 Max. So I'm going to bring a Boeing here. It's down 3 and 1/2 percent today.

You can see it kind of consolidating in this triangular wedge. It's going to report earnings in a few weeks. That could be the next catalyst. But I'm not going to make too much of this price action today. But I do want to read key lines from some of the reports that are coming up. So here's one listing several concerns. This is the FAA.

They have several concerns, including a serious flight control incident during a test flight. That was back in December in 2020 when the plane experienced what they call an uncommanded pitch event. No information on whether that's related to the pitch events in other planes like the 737 Max. But this means the certification may not come until late 2023. This would push the actual service of the vehicle to 2024. And the original date was scheduled to be 2020, so basically four years late here.

Nevertheless, we're looking at the stock on a two-year basis. It is trending higher off of these lows, slowly making that comeback, guys.

KRISTIN MYERS: Jared, let's turn now and look at one of those reopening and also reflation trades, which is the airline stocks. They are not doing well. What's the cause there?

JARED BLIKRE: That's right. It's those increased cases in the UK. And check out the Y-Fi Interactive here. We have the travel heat map. And you're going to see a lot of red. We also got some news on the Caribbean-- excuse me, from Caribbean Cruise Lines, they're going to be diluting their shareholders, offering another $500 million. And you can see what that stock is doing.

But I do want to focus on the airlines here because we had the highest number of new COVID cases reported in the UK since January. And Hong Kong is banning all passenger flights from Britain. That starts Thursday. Portugal and Spain, they're imposing new restrictions. Germany wants the EU, the European Union to get involved to take a more coordinated stance against travel from the UK into the bloc. But this is not the best price action.

I will say, however, you take a look at some of the year to date gains, and a lot of green there. Royal Caribbean up about 20%, so is Carnival. American Airlines up 35%. Guys?

ALEXIS CHRISTOFOUROS: And finally, Jared, I know the meme stocks are back in focus today, namely AMC had a great weekend at the box office, I think the best since last February. And I think "F9" was the movie that helped to put it over the top.

JARED BLIKRE: Yeah. I didn't see it, but it caught my interest. I like the original series. So maybe I'll go and see it finally. Anyway, AMC, 2 million people came into theaters-- and I'm going to change this to an intraday. There we go. AMC up 70%. And we'll just take a look at the year to date price action, really bouncing back after the GameStop-- excuse me, launching to new highs here, consolidating. This is a bull flag. So really bullish price action there.

So it wasn't just the US. All around the world, their total was about 2 and 1/2 million people. And yeah, you'd have to go back to the pre-COVID time frame to see numbers like that.

But I'm also taking a look at GameStop. Now, they were added to the Russell 1,000 on Friday. So there might be some index buying that occurred on that event. But also Baird now is not making a rating on the stock anymore. They're suspending their rating. And they're saying that the volatility in the stock is more closely linked to, quote, non-fundamental trading, social media influences, and other factors. And that's why they're suspending the rating and price target. And I wouldn't be surprised to see some other firms do the same.

And I just wanted to point out one more name here, Hertz. Guess what, they're going to emerge from bankruptcy probably on Wednesday. That stock is up 20% today, 530% year to date. So good news for Hertz and their investors as well.