February's consumer confidence reading came in well below expectations
Stocks are pulling back sharply from their premarket gains, after this morning's consumer confidence reading came in at 98.3 for February. This is well below expectations of 102.3 and a 7-point drop, marking the largest monthly decline since August 2021. The 10-year Treasury yield fell below 4.3% after the event.
The Nasdaq Composite Index (IXIC) is down 323 points midday, with notable member Nvidia (NVDA) sliding ahead of earnings. The S&P 500 Index (SPX) is firmly in the red as well, heading for its fourth-straight loss, while the Dow Jones Industrial Average (DJI) sits flat.
Continue reading for more on today's market, including:
- PayPal posts strong annual guidance.
- Behind Home Depot's better-than-expected quarter.
- Plus, options traders target HIMS'; and two stocks moving after Q4 results.
Hims & Hers Health Inc (NYSE:HIMS) is plummeting today, brushing off better-than-expected fourth-quarter results after disappointing gross margins. The company also said it may stop selling weight-loss drugs, which gave Novo Nordisk (NVO) a boost today. So far, HIMS has seen 146,000 calls and 170,000 puts exchanged, which is triple the overall options volume typically seen at this point. The weekly 2/28 44-strike put is the most popular, followed by the 40-strike put in the same series. It's been a volatile month for HIMS, with a fresh record high of $72.98 on Feb. 19. Last seen down 27.2% at $37.37, the stock is still outperforming with a 54% year-to-date lead.
Medical equipment stock AdaptHealth Corp (NASDAQ:AHCO) is up 24.8% at $10.67, nearly erasing all of its sharp February losses, having finished only four days higher since the start of the month. The company posted better-than-expected fourth-quarter results, pushing the stock to a 40.2% year-over-year gain.
Krispy Kreme Inc (NASDAQ:DNUT) is gapping to record lows, down 23.8% at $6.95 at last glance after the company's disappointing fourth-quarter results and weak annual outlook. On the short sell restricted (SSR) list today amid the volatility, DNUT is 45.5% year over year.