The Dow is up 83 points at midday
Stocks are mixed midday, but all three major indexes remain on track for weekly losses. The Dow Jones Industrial Average (DJI) is up 83 points, while the S&P 500 (SPX) and the Nasdaq Composite (IXIC) are in the red. Wall Street is now digesting preliminary consumer sentiment data showing an increase in February from January. Meanwhile, oil prices are on the rise after an output cut from Russia.
Continue reading for more on today's market, including:
- Analyst places Deutsche Bank stock behind peers.
- Affirm stock extends losses after earnings miss.
- Plus, options traders blast PYPL; why PRLB is surging; and LYFT slammed with downgrades.
Options traders are blasting PayPal Holdings Inc (NASDAQ:PYPL) following the company's mixed fourth-quarter results, after which two firms cut their price targets, while three raised theirs. So far, 177,000 calls and 103,000 puts have been exchanged, which is six times the intraday average volume. The weekly 2/10 82-strike call is by far the most popular, with positions opening there. At last glance, PYPL was up 1.1% to trade at $79.24, but still carries a 33.2% year-over-year deficit.
The New York Stock Exchange's (NYSE) Proto Labs Inc (NYSE:PRLB) is up 22.1% at $37.23 at last glance, after the company's better-than-expected fourth-quarter earnings and revenue. This pop has PRLB trading at its highest level since October, though the shares may be running into resistance at the $40 level. Year-over-year, the stock is down 28.4%.
Meanwhile, Lyft Inc (NASDAQ:LYFT) is plummeting after its dismal first-quarter forecast, down 35.8% at $10.31 at last glance. The rideshare giant posted fourth-quarter losses of 76 cents per share, compared to the profits of 13 cents per share analysts anticipated, though revenue came in above expectations. No fewer than five analysts downgraded the stock after the event, while several more slashed their price targets. Today's crash has LYFT erasing its 2023 gains, now down 5.8% year-to-date.
