Schaeffer's Top Stock Picks for '25

Nasdaq Up Triple Digits Thanks to Nvidia Rally

Investors are looking ahead to this week's inflation data

Digital Content Manager
Aug 12, 2024 at 11:47 AM
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The Nasdaq Composite Index (IXIC) is up triple digits this afternoon as Nvidia (NVDA) rallies, while the S&P 500 Index (SPX) sports a more modest midday lead, and the Dow Jones Industrial Average (DJI) is flat. Wall Street is looking ahead to key inflation data that is due out this week, with the consumer price index (CPI) reading and retail sales data for July on tap.

Continue reading for more on today's market, including:

  • Activist investor takes Starbucks stake.
  • Top-line beat boosts Barrick Gold stock.
  • Plus, B Riley suspends dividends; KEY surges on new investment; Hawaiian Electric's steep quarterly losses.

Futures 0812

B Riley Financial (NASDAQ:RILY) stock is the most heavily traded in the options pits today, with 18,000 calls and 84,000 puts exchanged so far, which is 12 times the volume typically seen at this point. The August 7.50 put is the most active contract, but positions are now being opened at the September 5 put. RILY was last seen down 49.9% to trade at $8.49, after the company suspended dividends and projected a loss for the second quarter. The equity earlier gapped to an eight-year low of $8.05, and now carries an 83.2% year-over-year loss.

KeyCorp (NYSE:KEY) stock is among today's leaders on the New York Stock Exchange (NYSE), up 12.9% to trade at $16.50 at last check after Scotiabank announced it will buy 14.9% of the company for $2.8 billion. The security is gapping above the 80-day moving average, after toppling below this trendline earlier this month. KEY also blasted through recent resistance at the $16.50 level to a 52-week high of $17.09. The shares are now up 14.5% for 2024.

KEY 80 Day

Hawaiian Electric Industries, Inc. (NYSE:HE) stock is near the bottom of the NYSE today, last seen down 16.3% to trade at $12.97. This bear gap comes on the heels of a steep second-quarter loss, with the company noting it does not yet know how it will  finance the $1.71 billion settlement for last year's Maui wildfires. During the past 12 months, HE fell more than 59%, and is today gapping below support form its 20-day moving average.

 
 

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