Alphabet and Tesla are scheduled to release earnings after the close
Stocks are firmly higher today, with the Nasdaq Composite Index (IXIC) up triple digits, as Wall Street unpacks a flood of corporate earnings reports. Alphabet (GOOGL) and Tesla (TSLA) are garnering attention too, as both are scheduled to announce their second-quarter results after today's close. Meanwhile, existing home sales fell for a fourth-straight month as home prices hit record highs.
Continue reading for more on today's market, including:
- Behind Coca-Cola stock's two-year highs.
- Lockheed Martin announces another earnings beat.
- Plus, options traders eye SPOT's 3-year highs; FEIM soar after earnings; and MEDP plummets after forecast cut.
Options traders are blasting Spotify Technology SA (NYSE:SPOT), as the stock soars to three-year highs after profitability hit a record high. The company also beat subscriber estimates in the second quarter. So far, 29,000 calls and 23,000 puts have exchanged hands, which is already 3.7 times the average daily options volume. The weekly 7/26 355-strike is the most active, where new positions are being opened. At last glance, SPOT was up 12.4% at $332.03.
Frequency Electronics Inc (NASDAQ:FEIM) is soaring to its highest levels in 20 years, up 33% at $13.43 at last glance, and earlier hitting a peak of $14.00, after the company's better-than-expected fiscal fourth-quarter profits. Soaring past the $11 region, which kept a cap on gains over the first few months of the year, FEIM is now up 16.6% year to date.
Medpace Holdings Inc (NASDAQ:MEDP) stock is down 16.8% at $363.75, despite better-than-expected second-quarter earnings, after a "shocking bookings miss" that caused the company to lower its 2024 sales guidance by $25 million. Support at the $360 level, which also captured a pullback in April, appears to be keeping losses in check. Since the start of the year, MEDP is still up 18.3%.