Big Tech Powers Stocks Higher Ahead of Fed Decision

Both GOOGL and MSFT are higher despite lackluster quarterly results

Deputy Editor
Jul 27, 2022 at 11:50 AM
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The major indexes are on the rise midday, ahead of the Fed's highly anticipated interest rate decision. The Nasdaq Composite (IXIC) is up 289 points, on track to snap a three-day skid, as post-earnings pops from Alphabet (GOOGL) and Microsoft (MSFT) give the tech sector a boost. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are firmly higher as well. Meanwhile, U.S. pending home sales fell 8.6% in June, much lower than analysts' estimated 1% drop. 

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

  • Why this fast-food stock is surging today. 
  • Options bulls are loading up on PayPal stock
  • Plus, a solar energy stock soaring; PZN rips higher; and SAVA slips to the bottom of the Nasdaq. 

MMC July27

Options traders are targeting Enphase Energy Inc (NYSE:ENPH) after the alternative energy name's strong second-quarter results and third-quarter guidance. So far, 20,000 calls and 17,000 puts have crossed the tape, which is five times the intraday average. The weekly 7/39 26-strike call is the most popular, followed by the 250 call in the same weekly series, with new positions being bought to open at both. ENPH is up 15.3% at $249.54 at last glance, eyeing its first close above the $220 level for 2022. 

ENPH July27

One of the best performing stocks on the New York Stock Exchange (NYSE) today is Pzena Investment Management Inc (NYSE:PZN). The shares are up 45.7% at $9.38 at last glance, after news that the fund operator will become private by merging into a subsidiary of its parent company. Trading at its highest levels since April, PZN is up 4% year-to-date. 

Meanwhile, Cassava Sciences Inc (NASDAQ:SAVA) is the worst performing stock on the Nasdaq so far today, down 25.3% at $16.22 at last check, amid news that a U.S. criminal probe is tied to the biotech company's Alzheimer's drug. Earlier hitting a one-year low of $13.84, SAVA is down 62.2% year-to-date. 

 

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