The Dow is almost 170 points lower midday
Stocks are mixed Friday, but on track for weekly wins after yesterday turning in a record-setting session. While the Dow Jones Industrial Average (DJI) was last seen nearly 170 points lower, it, alongside the S&P 500 Index (SPX), is still on track for its best weekly performance in 2024. The Nasdaq Composite (IXIC), meanwhile, is just above breakeven this afternoon.
Continue reading for more on today's market, including:
- The worst blue-chip stock trading today.
- Analysts and options traders are piling on this retail stock.
- Plus, analyst praises BBY; FedEx's earnings; and FSR's struggles continue.
Best Buy Co Inc (NYSE:BBY) is 2% higher this afternoon, last seen trading at $82.06 after J.P. Morgan Securities upgraded the stock to "overweight" from "neutral" and raised its price target to $101 from $89. The analyst assumes a roughly 23% upside for the stock, citing computing trends that will boost back-to-school sales. Today's gains helped BBY move higher by more than 5% for 2024, and call traders are taking note. So far, 5,479 bullish bets have crossed the tape, which is double the average intraday volume. The most popular contract is the weekly 3/22 82-strike put, which expires today and is seeing new positions being opened.
Worthington Steel Inc (NYSE:WS) is the best performing stock on the New York Stock Exchange (NYSE) this afternoon, after the company topped fiscal third-quarter earnings and revenue estimates. Earlier hitting a more than 12-month high of $40.15, WS was last seen up 23.3% at $39.37 and now stands 40.1% higher year to date.
Near the bottom of the NYSE this afternoon is Fisker Inc Inc (NYSE:FSR). The embattled electric vehicle (EV) startup is pacing for its seventh-straight weekly loss, after recently revealing plans to file for bankruptcy. Last seen 7.1% lower at the site of its March 20 record-low of 11 cents, FSR has shed 98% over the last 12 months.