There are plenty of earnings and economic data on tap this week
Stocks are a mixed bag midday, with the Dow Jones Industrial Average (DJI) posting a modest gain, while the S&P 500 Index (SPX) lays flat and the Nasdaq Composite (IXIC) slips into the red. Coming off last week's strong wins for the major indexes, investors are focused on the Fed's two-day policy meeting that kicks off tomorrow, as well as Thursdays gross domestic product (GDP) report. Plus, there remain plenty of notable earnings reports ahead, including reports from several Big Tech names.
Continue reading for more on today's market, including:
- Why Squarespace stock is slipping today.
- Bear notes put pressure on airline giant.
- Plus, options traders target falling NEM; IEA soars on buyout news; and TBLT plummets.
Options traders are targeting Newmont Corporation (NYSE:NEM) after the mining company's mixed second-quarter earnings report and raised annual cost outlook. NEM is down 10% to trade at $46.26 -- trading at two-year lows and on track for its fifth-straight loss. So far, 25,000 calls and 17,000 puts have crossed the tape, which overall options volume running at six times the intraday average. The weekly 7/29 48-strike call is the most popular, with new positions being bought to open there.
One of the best performing stocks on the Nasdaq today is Infrastructure and Energy Alternatives Inc (NASDAQ:IEA), up 28.8% to trade at $13.43. Today's pop comes after news that MasTec (MTZ) will acquire the company for about $1.1 billion, though MTZ is moving lower in response. Jumping to its highest level since March, and above the 320-day moving average for the first time since then, IEA is now up 45.9% year-to-date.
Meanwhile, one of the worst stocks on the Nasdaq and landing on the short sell restricted (SSR) list today is Toughbuilt Industries Inc (NASDAQ:TBLT). The stock is down 28.8% to trade at $5.67, after the company announced a $20 million private placement under Nasdaq rules. Year-to-date, the equity is down 89.9%.