All three major benchmarks are sharply lower midday
All three major indexes are set to snap their four-day win streaks, with the Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) down triple digits midday, while the S&P 500 Index (SPX) sits firmly in the red as well. Facebook-parent Meta Platforms (FB) is at the forefront of investors' minds today, as the tech giant plummets following its fourth-quarter results, leaving confidence in the tech sector shaken. Meanwhile, U.S. jobless claims for last week came in slightly lower than expected, as Wall Street eagerly awaits tomorrow's nonfarm payrolls data.
Continue reading for more on today's market, including:
- The biotech stock hitting a five-year low after a weak forecast.
- 2 social media stocks reeling after Meta's report.
- Plus, options traders stream SPOT; MOD jumps after earnings; and SITM slides.
Spotify Technology SA (NYSE:SPOT) is seeing a surge in options activity, with the stock 14.5% lower to trade at $164.25 and earlier hitting an 18-month low of $155.57. A lower-than-expected first-quarter subscriber forecast is weighing on SPOT, despite the company's narrower-than-expected fourth-quarter losses per share and revenue beat. Plus, the
Joe Rogan controversy lingers in the background. In response, no fewer than 10 analysts cut their price targets. So far, 24,000 calls and 57,000 puts have crossed the tape, volume that's 11 times what's typically seen at this point today. The weekly 2/11 150-strike put is the most popular, with new positions being opened.
One of the best performers on the New York Stock Exchange (NYSE) today is Modine Manufacturing Co (NYSE:MOD), last seen up 14.7% to trade at at $10.60. The company announced better-than-expected fiscal third-quarter results before the bell this morning, as well as an upbeat 2022 forecast. Still, long-term pressure from the 100-day moving average appears to be keeping a lid on gains.
Conversely, SiTime Corp (NASDAQ:SITM) is sliding despite its upbeat fourth-quarter report, down 15.5% to trade at $198.60 at last check. Two analysts chimed in with price-target adjustments, with Needham cutting its price objective to $300 from $330 while Stifel raised its to $310 from $300 -- both still hefty premiums to current levels. Year-to-date, the equity is down 32.1%.