S&P 500 Slips Further into Correction Territory as Stocks Give Up Gains

Oil prices are rising once again

Deputy Editor
Feb 23, 2022 at 12:02 PM
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Stocks have pulled back from this morning's gains, amid the ongoing Russia-Ukraine border crisis, with all three benchmarks looking to extend their losing streaks. The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are both firmly in the red midday and eyeing their fifth-daily drops, while the S&P 500 Index (SPX) falls deeper into correction territory, looking to bring its daily losses to four. Meanwhile, oil prices are rising once again, with investors watching the significant $100 a barrel mark. West Texas Intermediate crude was last seen up 1% at $92.83. 

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

  • Why Overstock.com stock is soaring today.  
  • Options bears target Lowe's stock despite strong quarterly results
  • Plus, call traders target oil name; TEN soars after buyout; and KOD plummets on trial results. 

MMC Feb23

As oil remains in the spotlight, Diamondback Energy Inc (NASDAQ:FANG) is seeing a bullish options surge today, after the energy company's strong fourth-quarter results. So far, 18,000 calls have crossed the tape, which is 10 times the intraday average. The January 2023 140-strike call is the most popular, followed by the 125-strike call in the same monthly series, with new positions being bought to open at the former. The stock has been struggling to break past pressure at the $136 level in recent weeks, and at last check, FANG was up 2.7% to trade at $131.48.  

Soaring to the top of the New York Stock Exchange (NYSE) today, Tenneco Inc (NYSE:TEN) is up 94.2% at $19.39, after Apollo Global Management (APO) agreed to take the company private for $20 a share in a deal worth roughly $7.1 billion. TEN nearly doubled in response, and is now trading at its highest level since July. Before the bell this morning, Tenneco reported a fourth-quarter earnings miss, though its revenue beat expectations.  

Meanwhile, Kodiak Sciences Inc (NASDAQ:KOD) is taking a nosedive after the company's experimental eye disease drug did not meet the main goal of a mid-to-late stage study, failing to improve vision in patients as effectively as competitor Regeneron Pharmaceuticals' (REGN) Eylea treatment. At last glance, the stock was down 79.7% at $10.23, and trading at its lowest levels in over two years. Year-over-year, the equity is down over 91%. 

 

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