The conclusion of the Fed's two-day policy meeting will occur later this afternoon
Stocks are mixed this afternoon, albeit muted, as investors await the conclusion of the Fed's two-day policy meeting, due out at 2 p.m. ET, in which a rate hike is widely anticipated. Fed Chair Jerome Powell is also scheduled to hold a news conference at 2:30 p.m. In the meantime, the ISM services purchasing managers' index (PMI) came in at 51.9 for April, which was roughly in line with analyst expectations. Private payrolls data came in at a surprise 296,000 for April, vs. an expected 133,000.
Continue reading for more on today's market, including:
- Why Starbucks stock is slipping despite strong results.
- Biogen stock boosted to 2-year highs.
- Plus, CHGG rebounds; IMGN soars on trial data; and EL drops on forecast.
Options traders are targeting Chegg Inc (NYSE:CHGG) today, as the stock recovers some of yesterday's steep losses. So far, 31,000 calls and 15,000 puts have crossed the tape, which is already 9.6 times the average daily volume. The May 10 call is the most popular, with new positions being bought to open there. At last check, CHGG was up 16.7% at $10.59.
ImmunoGen Inc (NASDAQ:IMGN) is at the top of the Nasdaq Composite Index (IXIC) today, after very strong trial data from a study of its experimental ovarian cancer drug candidate, Elahere. Piper Sandler upgraded the stock to "overweight" from "neutral," with a price-target hike to $16 from $6 after the news. IMGN is up 145.2% at $12.75 at last glance, and earlier hit a five-year high of $13.30. Since the start of the quarter, the stock is up 230.5%.
Estee Lauder Companies Inc (NYSE:EL) is down 18.4% at $199.93 at last glance, after the company's disappointing 2023 forecast, following mixed fiscal third-quarter results. On the short sell restricted (SSR) list today, EL is down 19.8% year-to-date.