Nasdaq Rises as FAANG Earnings Impress

Investors are awaiting the Fed's update on monetary policy and inflation later today

Deputy Editor
Jul 28, 2021 at 11:57 AM
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Stocks are a mixed bag this afternoon, as investors mull over another batch of corporate earnings and await an update from the Federal Reserve's policy meeting. While the Dow Jones Industrial Average (DJI) is 41 points lower and the S&P 500 Index (SPX) remains little changed from yesterday's session, the Nasdaq Composite (IXIC) was up triple digits earlier thanks to FAANG earnings. Looking ahead, at 2 p.m. ET the Federal Open Market Committee (FOMC) will release a statement to conclude its two-day meeting, followed by closely-watched comments from Chairman Jerome Powell.

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

  • More on Boeing's surprise profit and the stock reaction.
  • Spotify stock slips on active user miss.
  • Plus, options traders blitzing Tilray stock; LKFN gears up for index change; and Generac stock powering down despite earnings beat.

Midday Market Stats July 6=28

One stock seeing a ton of options activity today is Tilray Inc (NASDAQ:TLRY), last seen 23.5% higher to trade at $15.72 after the cannabis company reported fiscal fourth-quarter earnings and revenue that beat analysts' estimates. So far today, 215,000 calls and 36,000 puts have exchanged hands, which is seven times what's typically seen at this point. The two most popular contracts are the weekly 7/30 16- and 15-strike calls, with new positions being opened at both. Tilray stock is a ways off its Feb. 10 two-year high of $67, but remains up 91.1% year-to-date. Today's positive price action has TLRY set to close above the 10-day moving average for the first time since July 1.

TLRY Chart July 28

Lakeland Financial Corporation (NASDAQ:LKFN) was last seen up 15% to trade at $68.22, cementing itself as one of the best performers on the Nasdaq as the finance name gears up to join the S&P Small Cap 600 Index (SPCY). LKFN is on its way to its fourth-straight win and is up 20% in 2021.

Meanwhile, Generac Holdings Inc. (NYSE:GNRC) is towards the bottom of the New York Stock Exchange (NYSE), last seen down 11% at $390.24. Today's negative price action comes despite an upbeat second-quarter earnings report, which saw earnings and revenue beat Wall Street's expectations. The security remains up 74% year-to-date.
 

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