Stocks Brush Off Economic Data, Strong Earnings

Better-than-expected jobless claims couldn't boost stocks

Deputy Editor
Apr 22, 2021 at 12:07 PM
facebook twitter linkedin


Stocks are struggling for direction at midday, following a day of strong gains that saw the major benchmarks snap a two-day drop. Despite strong earnings and upbeat jobless claims data, the Dow Jones Industrial Average (DJI) was last seen down roughly 70 points. Meanwhile, the S&P 500 Index (SPX) is flat, with pressure coming from energy and materials, while the tech-heavy Nasdaq Composite (IXIC) is marginally higher.

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

  • This pharmaceutical name couldn't shake weak sales.
  • Southwest stock got a boost from positive quarterly results. 
  • Plus, BUD sees flurry of call action; AI concern scores U.S. government contract; and Evolus stock plunges after equity raise.

Midday Market Stats April 22

One stock attracting unusual options activity today is Anheuser Busch Inbev SA (NYSE:BUD). So far, 9,772 calls have exchanged hands, which is a staggering 10 times the intraday average. Most popular is the monthly May 80 call, followed by the weekly 5/14 80-strike call, with new positions being opened at both. At last check, BUD is up 1.2% at $70.48, after Coca-Cola (KO), Colgate-Palmolive (CL), and Unilever (UL) joined its 100+ Accelerator, which aims to fund and pilot sustainable supply chain innovations. BUD is now set to lock in its fifth win in seven sessions, with support from the 10-day moving average. Year-over-year, Anheuser Busch stock boasts a 69.7% lead.

BUD Chart April 22

At the very top of the Nasdaq today is Renalytix AI PLC (NASDAQ:RNLX), last seen up 19.8% at $30.21, after the artificial intelligence (AI) name scored a 10-year U.S. government contract. Renalytix stock has already had an impressive 2021 run, further cemented by its March 15, all-time high of $32.12. And though RNLX slipped below the $28 level later that month, the 80-day moving average kept losses in check. Year-to-date, the equity is up 86.3%.

Pacing the Nasdaq laggards today is Evolus Inc (NASDAQ:EOLS), last seen down 18.1% at $9.60, and falling below the $10 area for the first time since February. This comes after the company sold 9 million shares at $9.50, raising over $85 million to fund the growth of Botox competitor Jeuveau. On the charts, the equity is also slipping below its 70-day moving average for the first time since Jan. 6. Still, year-over-year, EOLS is up 123%.

 

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 

 


 


 
Special Offers from Schaeffer's Trading Partners