The Dow is leading the charge today, as investors weigh earnings with inflation data
The Dow Jones Industrial Average (DJI) is finishing the week strong, up 93 points at last check. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC), on the other hand, were last seen only marginally higher, but nonetheless headed for a seventh-straight win. To get there, the latter will have to battle tech headwinds, after a dismal first-quarter guidance from chip stalwart Intel (INTC). So far, investors have been unreactive to the core PCE price index -- the Federal Reserve's preferred measure of inflation --meeting expectations.
Continue reading for more on today's market, including:
- More on Intel stock after the ugly report.
- Which social media stock makes an intriguing contrarian play.
- Plus, BTC bulls circle MARA; and two stocks making odd post-earnings moves.
Options bulls are loading up on crypto stock Marathon Digital Holdings Inc (NASDAQ:MARA), as Bitcoin (BTC) rises 3.8%. At last check, over 298,000 calls have changed hands, volume that's 1.8 times the average intraday amount and more than double the number of puts traded. The weekly 1/26 18-strike call is seeing new positions being bought to open, as is the 17.50-strike from the same series. MARA is 9.9% higher to trade at $17.88 at last check, so these call buyers are banking on sustained gains through the close today from crypto-adjacent stocks. Year-over-year, Marathon Digital stock is up 106%.
Capital One Financial Corp. (NYSE:COF) is near the top of the New York Stock Exchange (NYSE) today, last seen up 4.7% to trade at $138.74. Although the credit card company reported fourth-quarter earnings that missed estimates, the loss did feature a special assessment from the Federal Deposit Insurance Corporation (FDIC) that lowered earnings per share (EPS) by 57 cents. Five brokerages have hiked their price targets while two offered price-target cuts. COF earlier hit a two-year high of $139.47 and is now 18% higher year-over-year.
Western Digital Corp (NASDAQ:WDC) stock is in the cellar today, last seen down 3.3% to trade at $58.37. The computer hardware firm reported a narrower-than-expected loss for the fiscal second quarter, while revenue and guidance for the fiscal third quarter fell short of estimates as well. Nonetheless, six brokerages have issued price-target hikes this morning, the highest coming from TD Cowen to $75 from $50. Despite today's drop, WDC is 11.5% higher in 2024 and hit a two-year high of $60.55 yesterday.