Dow Drops, Ukraine Calls for Additional Support

Oil prices moved above $120 per barrel earlier

Deputy Editor
Mar 23, 2022 at 12:13 PM
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The Dow Jones Industrial Average (DJI) is 238 points lower at midday, while the S&P 500 Index (SPX) sits firmly in the red, and the tech-heavy Nasdaq Composite (IXIC) is flat. Investors are digesting Ukrainian President Volodymyr Zelenskyy's pleas for more countries to pressure Russia, with 100,000 people stuck in Mariupol under "inhumane conditions." In other news, West Texas Intermediate Crude (WTI) prices earlier today moved above $120 per barrel.

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

  • Unpacking Poshmark stock's bear note barrage.
  • Why Keybanc upgraded this telecom giant today.
  • Plus, BB calls running red-hot; GameStop chairman buys more shares; RV stock sinks after earnings.

Midday Market Stats March 23

Call traders are targeting BlackBerry Ltd (NYSE:BB) with unusual fervor today. At this point, 43,000 calls have crossed the tape, or four times the intraday average, versus the 3,703 traded. The most popular is the weekly 3/25 8-strike call, with new positions being opened there. The security was last seen up 2.3% at $7.65, and while a catalyst for this price action is unclear, this may be the result of residual optimism stemming from a bull note from RBC earlier this week. BB is now eyeing a seventh-straight win, despite still facing pressure from the 60-day moving average, which has been guiding the shares lower since November. Year-to-date, BB sports an 18.5% deficit.

BB Chart March 23

GameStop Corp. (NYSE:GME), which was last seen up 14.2% at $140.58, is the best performing stock on the New York Stock Exchange (NYSE) Today. This bull gap came after chairman Ryan Cohen's investment firm bought an additional 100,000 shares of GME. GameStop stock is now eyeing its highest close since January, after breaking through overhead pressure at the 50-day moving average yesterday. GME remains down 24.3% year-over-year, though.

Near the bottom of the NYSE is Winnebago Industries, Inc. (NYSE:WGO), last seen down 9.3% to trade at $56.60. Today's drop came despite the recreational vehicle (RV) maker reporting upbeat fiscal second-quarter financial results, thanks to healthy demand and higher prices. WGO is now trading at its lowest level since December 2020, and is down 23.7% year-over-year.

 

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