Both the Dow and Nasdaq are up triple digits midday
Both the Dow Jones Industrial Average (DJI) and Nasdaq Composite Index (IXIC) are up triple digits midday, brushing off yesterday's sharp selloff, while the S&P 500 Index (SPX) sits modestly higher as well. The Dow is still on track to snap a five-week win streak, however, while the S&P 500 wavers around breakeven for the week, and the Nasdaq looks to extend its weekly streak thanks to a boost from Nvidia (NVDA) and the rest of the chip sector.
Continue reading for more on today's market, including:
- Boeing CFO gives warning after manufacturing mishaps.
- Beat-and-raise puts retailer on track for best day since 2022.
- Plus, FSLR surges after bull note; DECK hits record highs; and VSTM sinks.
First Solar Holdings Inc (NASDAQ:FSLR) is jumping to 16-year highs today after a price-target hike from J.P. Morgan Securities to $262 from $240, attracting plenty of attention in the options pits. So far, 57,000 calls and 32,000 puts have been exchanged, which is already 2.7 time the average daily options volume. The weekly 5/24 270-strike call is the most popular, where new positions are being opened. FSLR is up 7.9% at $269.57, earlier as high as $270.99, and sporting a 56.7% year-to-date gain.
Deckers Outdoor Corp (NYSE:DECK) is up 12.5% at $1,017.86 at last look, crossing above $1,000 for the first time ever, after the company's stellar fiscal fourth-quarter results. No fewer than 14 analysts lifted their price targets after the event, and Wedbush called it "one of the strongest names." Year to date, DECK is up 52.3%.
Conversely, Verastim Inc (NASDAQ:VSTM) is at the bottom of the Nasdaq today, down 61.7% at $4.66 at last glance, marking 52-week lows. The biotech name announced a series of updates, including trial data showing pancreatic cancer treatment saw early-stage success, and the start of a regulatory submission to win approval from the U.S. Food and Drug Administration (FDA) for its cancer therapy combo. Since the start of the year, the equity is down 43%.