Nasdaq Set to Snap Win Streak as Social Media Stocks Slip

All three major benchmarks are still on track for weekly wins

Deputy Editor
Jul 22, 2022 at 11:45 AM
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The Nasdaq Composite's (IXIC) three-day, triple-digit win streak is in serious jeopardy today, as Snap (SNAP) stock's post-earnings plunge weighs heavy on the tech-heavy benchmark. Several other social media names are falling in turn, as investors consider the impact of slowing online advertising sales. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are also modestly lower midday, with all three indexes still on track for strong weekly wins. 

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

MMC July22

Options traders are targeting Verizon Communications Inc (NYSE:VZ) after the company's mixed second-quarter earnings report. VZ is down 5.9% to trade at $44.84 at last check -- a nearly five-year low -- after slashing its full-year forecast. Also weighing on the shares is a downgrade from Scotiabank to "sector perform" from "outperform." So far, 51,000 calls and 53,000 puts have crossed the tape, with overall volume running at five times the intraday average. The weekly 7/22 45-strike call is the most popular, with new positions being bought to open there. 

One of the best performing stocks on the New York Stock Exchange (NYSE) today is Hanger Inc (NYSE:HNGR). The equity is up 24.4% to trade at $18.35 at last glance, after news that the prosthetics maker will be taken private in a deal worth about $1.25 billion. Rising to its highest levels since late April, HNGR has broken above its 200-day moving average for the first time since August 2021. 

HNGR July22

Meanwhile, one of the worst stocks on the Nasdaq and landing on the short sell restricted (SSR) list today is Lulu's Fashion Lounge Holdings Inc (NASDAQ:LVLU). LVLU k is down 20.2% to trade at $8.24, after Piper Sandler downgraded the stock to "neutral" from "overweight," with a price-target cut to $14 from $17. Year-to-date, the equity is now down 18.8%. 

 

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