All three major indexes are comfortably higher midday
The broader market has rebounded from this morning's losses midday. All three benchmarks are comfortably higher, as companies continue to report better-than-expected earnings and investors consider whether the market has already hit a bottom. One stock reacting positively to its report is Netflix (NFLX), after the streaming giant touted stronger-than-anticipated subscriber data and expectations. Meanwhile, mortgage demand dropped to a 22-year low, falling more than 6% last week amid inflation and higher interest rates.
Continue reading for more on today's market, including:
- A short squeeze could power this household staple.
- Healthcare stock dips on disappointing forecast.
- Plus, options bears blast BKR; biotech stock breaking out; and a newly-downgraded real estate stock.
Options traders are targeting Baker Hughes Co (NASDAQ:BKR) today as the sinking oil stock weighs on the S&P 500. So far, 5,333 calls and 7,283 puts have been exchanged, with overall options volume running at 12 times the intraday average. The August 20 put is the most popular, followed by the August 28 call, with new positions being opened at both. BKR has landed on short sell restricted (SSR) list today, down 10.4% at $25.24 at last check, after the company's second-quarter earnings and revenue missed estimates.
One of the best performing stocks on the Nasdaq today is Rhythm Pharmaceuticals Inc (NASDAQ:RYTM). The stock is extending its recent rally, up 21.6% at $12.86 today to post a 227.4% monthly gain. The stock is now trading at its highest levels since November 2021 after breaking out above the 320-day moving average for the first time since April 2021. Today's pop comes after the biotech name announced early access authorization for Setmelanotide to treat Barted-Biedl syndrome (BBS) treatment in France.
Meanwhile, the New York Stock Exchange's Forestar Group Inc (NYSE:FOR) is falling 12.8% to trade at $13.81, after disappointing fiscal third-quarter results and a forecast cut. In response, BTIG downgraded the stock to "neutral" from "buy," while J.P. Morgan Securities slashed its price target to $15.50 from $19.50. Today's drop has FOR nearing its June 17 two-year low of $13.06.