The Dow is up 497 points at midday
The Dow Jones Industrial Average (DJI) is nearly 500 points higher midday, on track for its best single-session gain since Dec. 21, while shrugging off McDonald's (MCD) revenue miss and Intel's (INTC) dismal forecast. Contributing to today's optimism is a better-than-expected gross domestic product (GDP) reading for the fourth quarter, as well as upbeat jobless data.
Both the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also boasting solid gains, despite the Federal Reserve's plan to hike interest rates by March. Elsewhere, the Cboe Volatility Index (VIX) was last seen lower, set to snap a seven-day win streak -- its best since October 2020.
Continue reading for more on today's market, including:
- Supply chain challenges weigh on Tesla stock.
- Billionaire investor buys Netflix stock after selloff.
- Plus, options traders blast STX post-earnings; buyout buzz boosts NSEC; and why FLWS sank to two-year lows.
Seagate Technology Holdings PLC (NASDAQ:STX) is seeing an unusual amount of options activity today. So far, 6,792 calls and 5,587 puts have exchanged hands, which is seven times the average intraday volume. Most popular is the weekly 1/28 115-strike call, where new positions are currently being opened, followed by the February 115 put. The
tech stock is up 16.3% at $111.99 at last check, in the wake of a fiscal second-quarter earnings and revenue beat. STX has received at least nine price-target hikes, including a one from Stifel to $125. After coming just shy of its Jan. 5 record high of $117.67 earlier, STX sports a 55% year-over-year lead.
At the top of the Nasdaq today is National Security Group Inc (NASDAQ:NSEC), last seen up 67% at $15.41. Today's massive bull gap came after the company announced VR Insurance Holdings will acquire it in a deal worth $41.4 million. NSEC earlier surged to a roughly two-year high of $15.75, and is now up 35.2% year-over-year.
Meanwhile, 1-800-Flowers.Com Inc(NASDAQ:FLWS) is towards the bottom of the Nasdaq, last seen down 31.6% to trade at $14.43. Hurting the company is worse-than-expected fiscal second-quarter earnings, as well as a dismal annual guidance. The stock earlier sank to a two-year low of $14.50. The 40-day moving average has pressured FLWS lower since late November, helping rack up a 60% year-over-year deficit.
