All three major indexes are lower midday
The Dow Jones Industrial Average (DJI) is plummeting today, down 357 points at last check, though still firmly in positive territory for the week thanks to Tuesday's rally. The S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) are modestly lower as well -- the former on track for its worst week since April -- as investors continue to take money out of tech stocks to put into other areas of the market. Meanwhile, CrowdStrike is remaining in focus amid the major global IT outage.
Continue reading for more on today's market, including:
Options traders are blasting SunPower Corporation (NASDAQ:SPWR) after Guggenheim slashed its price target to $0, saying the stock could soon be delisted. At last glance, SPWR was down 49.2% at 76 cents per share, after falling into penny stock territory just this past October. So far, 14,000 calls and 33,000 puts have been exchanged, double the average daily volume already. Expiring today, the July 0.50 put is the most popular, with new positions being bought to open there.
Hawaiian Electric Industries Inc (NYSE:HE) is up 31.1% at $16.72 at last glance, after Bloomberg reported the utility name and other defendants agreed to pay a more than $4 billion settlement to the country of Maui and shareholders over the 2023 Maui wildfires. The stock has been climbing since its July 9 record low of $7.60, and today entered positive territory for 2024.
Dallas-based financial services name Comerica Inc (NYSE:CMA) is down 12.7% at $49.17 at last look, on the short sell restricted (SSR) list, after the company announced falling profit and interest income in the second quarter. Year to date, the equity is down 12.3%.