The Dow is up around 160 points this afternoon
Stocks are higher at midday, attempting another comeback from April's selloff as more earnings from the tech sector -- specifically Meta Platforms (FB) -- boost investor sentiment. In addition, Wall Street is digesting a surprise decline in U.S. gross domestic product (GDP) as well as a fall in initial jobless claims. At last check, the Dow Jones Industrial Average (DJI) is up around 160 points, while the S&P 500 Index (SPX) and the tech-heavy Nasdaq Composite (IXIC) both sit solidly in the black too.
Continue reading for more on today's market, including:
- More on Meta Platforms' first-quarter earnings report.
- What sent Teladoc stock to a 4-year low.
- Plus, options traders respond to PYPL's earnings; LYTS bounces back from penny-stock territory; and ALGN hit with price-target cuts.
Options traders are piling on PayPal Holdings Inc (NASDAQ:PYPL), after the company's first-quarter earnings lined up with Wall Street's estimates, leading to no less than 15 price-target cuts being dished out. Already today, 66,000 calls and 59,000 puts have been traded, with volume running at double the intraday amount. The most popular contract by far is the weekly 4/29 90-strike call, followed by the 85-strike put from the same series, with positions being opened at both. The 60-day moving average has guided PYPL lower since September, with the equity shedding nearly 70% in the last nine months. Year-to-date, PayPal stock is down 54.5%, though it was last seen up 3.4 for the day to trade at $85.50.
One of the best stocks on the Nasdaq today is LSI Industries, Inc. (NASDAQ:LYTS), following after its fiscal third-quarter earnings and revenue beat Wall Street's estimates. LYTS was last seen up 15.4% at $6.75, bouncing back from its recent brush with penny-stock territory. The stock is struggling with its year-to-date breakeven level, but has now added roughly 13% in April.
Align Technology, Inc. (NASDAQ:ALGN) is one of the worst stocks on the Nasdaq today, last seen down 21.9% at $281.58. The security received no less than five price-target cuts after yesterday reporting first-quarter earnings and revenue that fell short of Wall Street's estimates. Year-to-date, Align Technology stock is down 57%.