Big Tech earnings are in focus this week
Stocks have reversed their steep premarket losses, after the 10-year Treasury yield cooled off, dipping back below the psychologically significant 5% level. The Nasdaq Composite (IXIC) is sporting a firm double-digit gain, while the Dow Jones Industrial Average (DJI) and S&P 500 (SPX) inch above fair value. This week will be busy in regard to earnings and economic data, as investors monitor interest rates and geopolitical concerns.
Continue reading for more on today's market, including:
- Blue-chip stock rising from record lows.
- Underperforming aluminum stock hit with bear note.
- Plus, options traders target OKTA; RIOT rises alongside Bitcoin; and RVMD hits 52-week lows.
Okta Inc (NASDAQ:OKTA) is seeing high options volume today, as the stock extends last session's slide following the disclosure of a software breach. Evercore ISI added the security to its "tactical underperform" list, while UBS cut its price target to $90 from $95. At last glance, OKTA was down 7.8% at $69.84, while gapping back below its 320-day moving average. So far, 26,000 calls and 23,000 puts have been exchanged, which is already 10 times the average daily options volume. The February 90 call is the most active, with new positions being opened there.
Riot Platforms Inc (NASDAQ:RIOT) is one of several crypto-related stocks on the rise today, as Bitcoin (BTC) hits three-month highs. At last look, RIOT was up 9.9% at $9.75, adding to its impressive more than 180% year-to-date gains.
Revolution Medicines Inc (NASDAQ:RVMD) stock is down 42.7% at $16.03 at last glance, and earlier slipped to 52-week lows. Today's bear gap comes after data from an early-stage trial of its cancer therapy, after which three analysts hiked their price targets, though others found the results underwhelming. RVMD is in negative territory for 2023 as well as year over year.