Stocks Lower Midday After Kremlin Denies Peace Talk Progress

The Kremlin has called previous reports of a potential ceasefire "wrong"

Digital Content Manager
Mar 17, 2022 at 11:55 AM
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Stocks are sporting muted losses this afternoon, as investors mull over the implications of yesterday's Federal Reserve interest rate hike. Meanwhile, hopes that peace talks between Russia and Ukraine are making progress have mostly been dashed, after Bloomberg News reported that Kremlin spokesman Dmitry Peskov called these initial reports "wrong," adding that "[w]hen there's progress, we'll tell you." In response, the Dow Jones Industrial Average (DJI) is down 37 points, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also eyeing muted midday losses.

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

  • A return to business casual could help this retail stock
  • What analysts are saying about Nike stock ahead of earnings. 
  • Plus, options traders target cooling BEKE; PIK surges on Disney deal; and unpacking IMTE's tumble.

MMC stats march 17

KE Holdings Inc (NYSE:BEKE), which was last seen down 21% at $11.77, is seeing an options surge today. So far, 22,000 calls and 19,000 puts have exchanged hands, which is five times the intraday average. The March 12.50 put is most popular, followed by the 12.50 call in the same series, with positions being opened at the latter. The equity was downgraded to "strong sell" at Zacks investment Research yesterday, but still added over 64% after the People's Bank of China (PBC) said it would "resolve risks around property developers." BEKE is down 82.4% year-over year, and 41.3% year-to-date.

Children's clothing retailer Kidpik Corp (NASDAQ:PIK) is one of the best performing stocks on the Nasdaq today. The equity was last seen up 76% at $3.24 on news that the company has partnered with Walt Disney (DIS) to create four fashion boxes to celebrate Disney's "Cheaper by the Dozen" remake, starring Zach Braff. PIK remains down 45.5% this year, though today's pop has the equity back above the 30-day moving average for the first time since late January. 

mmc chart march 17

On the other hand, Integrated Media Technology Ltd (NASDAQ:IMTE) is one of the worst performing stocks on the Nasdaq today, last seen down 16.3% to trade at $9.04. While a reason for this bear gap was not immediately clear, IMTE surged to its highest level since late January during yesterday's session, and still sports an 91.5% year-to-date lead. 

 

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