Stocks Pacing for 3rd-Straight Loss on Fed's Policy Plans

Oil prices are sinking further below the $100 mark

Deputy Editor
Apr 7, 2022 at 12:03 PM
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Stocks are on track to fall for a third-straight session, even after initial jobless claims in the U.S. hit a 54-year low. Instead, Wall Street is focused on the U.S. Federal Reserve's plans to dramatically shrink its balance sheet in an effort to combat rising inflation. At the midday point, the Dow Jones Industrial Average (DJI) is down more 240 points, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) also sit firmly in the red. Elsewhere, West Texas Intermediate Crude (WTI) is holding below the key $100 level as it continues to travel lower.

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

  • Unpacking SoFi Technologies' lowered full-year outlook.
  • Why Guggenheim is bullish on Teladoc stock.
  • Plus, Hasbro's unusual options activity; Warren Buffett targets HP stock; and VAPO withdraws forecast.

Midday Market Stats April 7_2022

Hasbro, Inc. (NASDAQ:HAS) is seeing an unusual amount of activity in its normally quiet options pits. At last check, over 2,118 calls and 2,038 puts have changed hands, volume that's five times the average intraday amount. The most popular contract is the April 85 call, while positions are being opened at the May 65 put. Hasbro stock was last seen down 2.4% to trade at $83.43, amid news that the company rejected a call from an activist investor to split its Wizards of the Coast gaming division into a separate unit. HAS is down 18% in 2022. 

HP Inc (NYSE:HPQ) stock is one of the best on the New York Stock Exchange (NYSE) today. The equity was last seen up 15.9% to trade at $40.46, after Warren Buffett's Berkshire Hathaway (BRK) purchased a $4.2 billion stake in the tech company. HP stock earlier hit an all-time high of $41.47, and now boasts a 26.3% year-over-year lead.

HPQ Chart April 7

One of the worst on the NYSE is Vapotherm Inc (NYSE:VAPO), which was last seen down 24.1% at $9.80. This drop came after the company withdrew its full-year guidance amid dwindling demand for its respiratory systems. VAPO initially expected a second surge in Covid-19 cases for 2022, which would have boosted a need for said systems. The equity skyrocketed in the wake of the pandemic, trading above $54 in August of 2020, but now sits at its lowest level in over two years with a 56% year-to-date deficit to boot. 

 

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