All three benchmarks are inching higher midday
The Dow Jones Industrial Average (DJI) up a modest 34 points midday, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) linger quietly in the black as well, as the former looks to build on its best week of the year so far. Investors are unpacking plenty of corporate earnings today, and looking ahead to Thursday's inflation report. Meanwhile, March-dated crude is pulling back after its seventh-straight weekly win, after the Biden administration waived sanctions on some of Iran’s civilian nuclear activities.
Continue reading for more on today's market, including:
- Cloud stock gets much-needed upgrade.
- Bumble makes its first-ever acquisition.
- Plus, options traders target CHGG; TSN hits record highs; and CRNC heads for worst day ever.
Chegg Inc (NYSE:CHGG) is seeing a surge in options activity, ahead of the company's fourth-quarter earnings report, due out after the close today. So far, 16,000 calls and 15,000 puts have crossed the tape, which is 18 times what's typically seen at this point. The January 2023 30 call is the most popular, followed by the February 30 call, with new positions being opened at the former. CHGG is up 3.6% at $27.26.
One of the best performers on the New York Stock Exchange (NYSE) today is Tyson Foods Inc (NYSE:TSN) , last seen up 11.9% to trade at at $98.84 to trade at record highs. The meatpacker announced strong fiscal first-quarter results, with raised prices due to inflation giving profits a boost. Year-over-year, TSN is up 49.1%.
On the other hand, Cerence Inc (NASDAQ:CRNC) is plummeting despite its upbeat fiscal first-quarter report, after the software name cut its full-year forecast. Plus, Chief Financial Officer Mark Gallenberger announced plans to retire from the company. Headed for its worst day ever, and trading at its lowest level since November of 2020, CRNC is down 32.7% to trade at $42.76.