Stocks Pacing for Sizable Daily Wins, Steep Weekly Losses

The SPX remains close to the bear market cutoff

Digital Content Manager
May 13, 2022 at 12:02 PM
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Stocks are extending this morning's rally at midday, giving investors hope that Wall Street could finally be bouncing back from this week's selloff. The Dow Jones Industrial Average (DJI) is boasting an impressive 491-point lead this afternoon, as it looks to snap a six-day losing streak, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) sport sizable gains as well.

The consumer discretionary and information technology sectors are leading today, though Big Tech is also enjoying some tailwinds. Still, the SPX remains close to the bear market cutoff, and is eyeing its sixth-consecutive weekly loss alongside the Nasdaq, while the Dow is on track to log its seventh-straight week in the red.

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

  • Twitter stock sinks on Elon Musk's buyout pause.
  • Why Robinhood stock is seeing an options surge.
  • Plus, put traders target BALL; Silvergate Capital bounces from Bitcoin's selloff; and lending stock hits record low.

MMC Stats 0513

Ball Corporation (NYSE:BALLis attracting unusual options activity today. Amid low absolute volume, 2,130 calls and 2,246 puts have been exchanged, which is seven times the intraday average. Most popular is the July 70 put, followed by the 70 call in the same monthly series, with new positions being opened at both. The stock is up 0.7% to trade at $69.71 at last check, and could log its second-straight daily win should these gains hold. The equity is bouncing off a May 11, roughly two-year low of $67.11, though year-to-date it still carries a 26.9% deficit.

Towards the top of New York Stock Exchange (NYSE) today is Silvergate Capital Corp (NYSE:SI), last seen up 24.7% to trade at $79.40. The security is brushing off a price-target cut from KBW to $155 from $250, as Bitcoin (BTC) prices bounce back from a recent dip that yesterday dragged SI to an annual low of $56.15. Still, year-to-date, Silvergate Capital stock remains down 46.2%.

Angel Oak Mortgage Inc (NYSE:AOMR) is among the worst performers on the NYSE. The shares are down 11% at $13.25 at last check, and earlier hit an all-time low of $12.60, after the company posted a first-quarter loss of $1.77 cents per share after yesterday's close. The security is today pacing for its worst close since going public in June, and trading well below its initial public offering (IPO) price of $19. Over the last nine months, AOMR has shed roughly 30%.

AOMR MMC

 




 
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