Oil prices are taking a breather
The Dow Jones Industrial Average (DJI) is extending this morning's move higher, up 213 points, after a mild consumer price index (CPI) reading. Walt Disney (DIS) is giving the blue-chip benchmark a boost as well, after news the entertainment giant will up its prices on ad-free Disney+ subscriptions. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also in the black, as oil prices fall from yesterday's 2023 highs.
Continue reading for more on today's market, including:
- Options bulls cheer Wynn Resorts' quarterly win.
- Biotech stock moving higher once again.
- Plus, options traders charge PLUG; YETI jumps after earnings; and MGNI slips on dismal forecast.
Options traders are blasting Plug Power Inc (NASDAQ:PLUG) today, as increased costs and operating expenses weigh on the company's margins. The hydrogen fuel cell concern reported wider-than-expected losses per share, prompting price target cuts from two analysts. Eyeing its fifth-straight daily loss, PLUG is down 13.2% to trade at $9.32 at last check. So far, 100,000 calls and 113,000 puts have been traded, which is five times the average daily options volume. The June 7.50 put is the most popular, with new positions opening there. Year-to-date, PLUG is down 24.5%.
Yeti Holdings Inc (NYSE:YETI) is trading at its
highest level since February, up 21.2% to trade at $47.94 at last glance, after the company's strong second-quarter results and forecast, after which Jefferies lifted its price target to $60 from $57. Former pressure at the $45 level appears to have been flipped into support, with stock now sitting firmly above its 320-day moving average as well. Year-to-date, the equity is up 15.8%.
On the other hand, Magnite Inc (NASDAQ:MGNI) is at the bottom of the Nasdaq today, despite better-than-expected second-quarter results, after the company's dismal full-year forecast. No fewer than three analysts slashed their price targets as well. At last glance, MGNI was down 34% at $8.15, and posting a 22% year-to-date deficit.