Inflation data overshadowed the unofficial start to earnings season
The Dow Jones Industrial Average (DJI) is down 50 points midday, as Wall Street weighs a promising start to earnings season with the release of some rather hot inflation data. The S&P 500 Index (SPX) is muted, yet eked out another record high, while the Nasdaq Composite (IXIC) scored a record peak of its own earlier in the morning. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is pacing for its fourth loss in five days.
Continue reading for more on today's market, including:
- This soda giant is a big post-earnings winner today.
- Options bulls are piling on JPMorgan Chase stock.
- Plus, Nokia options pop on beat-and-raise; OSAT soars after Alibaba deal; and Mediaco stock plummets from record highs.
One stock seeing a surge in options activity today is Nokia Oyj (NYSE:NOK), up 8.6% at $5.84 at last check, after the tech company announced plans to raise its full-year guidance after a strong quarter. So far, 145,000 calls and 17,000 puts have crossed the tape, volume that's six times the intraday average. Most popular is the July 6 call, followed by the 5.50 call in the same series. NOK is a ways off it Jan. 27, 10-year high of $9.79, but remains up 48.7% in 2021.
At the top of the Nasdaq today is Orbsat Corp (NASDAQ:OSAT), last seen up 73.2% at $11.56, after the company's Global Telesat Communications (GTC) agreed to be a Gold Supplier on Alibaba's (BABA) business-to-business e-commerce site Alibaba.com. Orbsat stock almost toppled the $15 level in response to the news, which is territory the security has failed to trade above since May. Already this quarter, OSAT has tacked on nearly 140%, ad today's positive price action represents the stock's biggest single-day percentage gain in at least two years.
Meanwhile, at the bottom of the Nasdaq is Mediaco Holding Inc (NASDAQ:MDIA), down 35.9% to trade at $10.90 this afternoon. Though a catalyst for this negative price action was not immediately clear, the dip comes one day after the security soared a staggering 311.6% to a record high $17.40. Year-to-date, MDIA is up 318.4%.