The Dow is up 120 points midday
Stocks are extending this week's impressive rally, with all three major indexes eyeing weekly and daily wins. The Dow Jones Industrial Average (DJI) was last seen up 120 points as it cruises toward a weekly win, while the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are both headed for a fourth-straight week in the black. This week's upbeat inflation data is still providing tailwinds for Wall Street days later, while today's University of Michigan consumer index preliminary August reading topped estimates, coming in at 55.1. One-year inflation expectations, meanwhile, inched down to 5.0% from 5.2%, though 5-year expectations saw a slight rise to 3.0%.
Continue reading for more on today's market, including:
- What bruised Poshmark stock after earnings.
- Here's why traders might want to pump the brakes on Boeing stock.
- Plus, bulls target BLNK; VEEE nearly doubles; and LAW hits record low on slashed forecast.
Blink Charging Co (NASDAQ:BLNK) was last seen up 5.3% at $25.90, ahead of the House of Representatives signing the Inflation Reduction Act within the week, which could benefit the alternative energy stock, according to the company's CEO Michael Farkas. Options bulls are targeting the surging stock in droves, with 15,000 exchanged so far, which is nine times the intraday average. The most popular position is the weekly 8/12 26-strike call, where positions are being bought to open.
Marine boat manufacturer Twin Vee Powercats Co (NASDAQ:VEEE) is shaping up to be one of the best performers on the Nasdaq today. The equity was last seen up 99% at $7.96, after the firm reported a 158% jump in revenue for its second quarter. The stock earlier hit a record high of $8.40, and cleared a recent consolidation level at the $4.25 mark. The equity now sports an 86% year-to-date lead as well.
On the other hand, CS Disco Inc (NYSE:LAW) is one of the worst performing stocks on the New York Stock Exchange (NYSE). At last glance, LAW was down 54.7% at $13.12, after the firm slashed its full-year revenue forecast, promoting no less than five analysts to issue price-target cuts. The company now suffers a more than 72% year-over-year deficit and fell to record lows right out of the gate, breaching recent support at the 20-day moving average.
