Earnings in Focus as Dow Makes a Comeback

Oil has dropped back below $100 per barrel

Deputy Editor
Jul 12, 2022 at 11:47 AM
facebook X logo linkedin


The Dow Jones Industrial Average (DJI) is reversing this morning's losses, up 128 points midday, while the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) struggle for direction. The start of earnings season is at the forefront of investors' minds today, as many watch for signs of economic pressure within company forecasts. Meanwhile, oil prices are falling sharply, with West Texas Intermediate (WTI) crude last seen down 7.3% to dip back below $100 per barrel. 

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

  • PepsiCo kicks off earnings season with a bang. 
  • Blue-chip stock slammed with bear notes
  • Plus, options bears blast CSX; GOEV soars on EV deal; and GROV falls lower.

MMC July12

CSX Corp (NASDAQ:CSX) is seeing an options surge today, with overall volume running at 11 times the intraday average. So far, 8,103 calls and 10,000 puts have crossed the tape, with the August 30 put seeing the most activity. Barclays slashed its price target by $2 to $39 earlier this morning. CSX is down 1.3% to trade at $28.47 at last glance, and was earlier as low as $28.14 -- nearing its July 5 18-month low of $28.09. 

The best performing stock on the Nasdaq so far today is Canoo Inc (NASDAQ:GOEV), after the electric vehicle (EV) maker made a deal to sell electric trucks to Walmart (WMT). GOEV is up 85.5% to trade at $4.39 at last glance, and was earlier as high as $5.00 -- a level that acted as support through the start of the year and could be coming in as resistance as the stock struggles to make it out of penny stock territory. Options traders are also targeting this stock, with overall volume at 101 times the intraday average. Year-over-year, the equity is still down 52.5%. 

GOEV July12

Meanwhile, among the worst stocks on the New York Stock Exchange (NYSE) is Grove Collaborative Holdings Inc (NYSE:GROV), last seen down 15.5% to trade at $5.02 and on the Short Sell Restricted (SSR) list. Today's drop could be correction from GROV's recent jump higher, after news that Kohl's, Meijer, and other stores have added its products to their shelves. The stock is down 48.8% year-to-date. 

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI