The major indexes are modestly lower midday
Stocks are extending this morning's quiet losses, as investors continue to keep an eye on signs of an oncoming recession. The Federal Reserve's June meeting minutes is due out this afternoon, with plenty of economic data to unpack in the meantime. The Job Openings and Labor Turnover Survey Survey (JOLTS) for May showed a steep drop in job openings from the previous month, while the ISM Services Index reading of 55.3 came in above estimates of 51.4, signaling expansion. Meanwhile, oil prices are continuing to fall, with West Texas Intermediate (WTI) crude down 4% at last glance.
Continue reading for more on today's market, including:
- Latest FDA update gives Altria stock some relief.
- Crypto-adjacent name slammed with another bear note.
- Plus, SRPT sees options surge; RFP soars on buyout news; and KRNT crumbles along with its forecast.
Sarepta Therapeutics Inc (NASDAQ:SRPT) is seeing a lot of volume in its typically quiet options pits, with total volume running at 17 times the intraday average. The August 80 call is the most popular, followed by the 60 put in the same series, with new positions being bought to open at both. Sarepta and its partner Roche presented new positive results at the International Congress on Neuromuscular Diseases (ICNMD), but the stock is down 1% at $75.00 at last check.
Resolute Forest Products Inc (NYSE:RFP) is at the top of the New York Stock Exchange (NYSE) today, last seen up 64.5% to trade at $20.55, after news that its Canada-based peer Paper Excellence will buy the company for $2.7 billion. Now trading at its highest levels in 11 years, RFP is up 34.3% year-to-date.
Meanwhile, Kornit Digital Inc (NASDAQ:KRNT) is one of the worst stocks on the Nasdaq today, down 33.4% to trade at $20.97 -- a new three-year low. The company slashed its second-quarter revenue forecast, after which Stifel downgraded the stock to "hold" from "buy" while halving its price target to $50 from $100. Citigroup added in a bear note as well, cutting its price target to $50 from $90. Year-to-date, the equity is down 86.2%, with several short-term moving averages lingering above as pressure, including the 20-day trendline.
