All three major indexes are lower midday
All three major benchmarks are modestly lower at midday and headed for weekly losses. The Dow Jones Industrial Average (DJI) is on track for its fourth-straight daily loss and looking to snap a four-week win streak. Aside from several earnings reports, investors are eyeing the S&P Global flash services and manufacturing indexes, which both beat expectations with readings of 53.7 and 50.4, respectively.
Continue reading for more on today's market, including:
- Procter & Gamble stock boosted on beat-and-raise.
- How call traders scored a profit with General Electric stock.
- Plus, options bulls blast RCL; WISH soars on share repurchase; and OCUP falls back into penny stock territory.
Options bulls are targeting Royal Caribbean Cruises Ltd (NYSE:RCL) at 11 times the intraday average volume today, with 22,000 calls exchanged so far in comparison with 3,186 puts. The June 82.50 call is the most popular, followed by the October 67.50 call, with new positions being opened at the latter. The reason for today's options activity is unclear, but the shares are already up 25% year-to-date.
ContextLogic Inc (NASDAQ:WISH) is up 30.2% at $9.34 at last check, after the e-commerce name's $50 million share repurchase announcement. Looking to distance itself from its April 19 record low of $6.86, WISH is still down 35.6% year-to-date.
Ocuphire Pharma Inc (NASDAQ:OCUP), meanwhile, is plummeting back into penny stock territory, after the company appointed Rick Rodgers as its interim CEO. The shares are down 20.9% to trade at $4.86 at last glance. Since the start of the year, OCUP has tacked on 36.7%.