Wall Street Brushes Off GDP-Fueled Recession Concerns

The latest GDP showed its second-straight contraction

Deputy Editor
Jul 28, 2022 at 11:49 AM
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The major indexes are tentatively higher, brushing off this morning's gross domestic product (GDP) reading and jobless claims data, with the Dow Jones Industrial Average (DJI) up 84 points at midday. Meanwhile, solar stocks are on the rise, after Democratic Senator Joe Manchin and Senate Majority Leader Chuck Schumer unveiled a new $369 billion bill to battle climate change.

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

  • Call traders aim for these 2 merging airliners
  • Harley-Davidson stock revs higher after earnings. 
  • Plus, options bulls aim for CHPT; NTGR jumps after its quarterly report; and TDOC downgraded after billion-dollar profit loss. 

MMC July28

ChargePoint Holdings Inc (NYSE:CHPT) is one of the solar stocks getting a boost today, and call traders are responding in turn. So far, 335,000 calls have been exchanged -- 14 times the intraday average -- in comparison to 31,000 puts. The weekly 8/5 15-strike call is the most popular, with new positions being bought to open there. At last glance, CHPT was up 14.2% to trade at $15.00, though both the $16 level and the 200-day moving average linger above as potential pressure. 

CHPT July28

One of the best performing stocks on the Nasdaq today is NetGear Inc (NASDAQ:NTGR). The tech stock is up 21% to trade at $24.55 at last check, after the company announced narrower-than-expected second-quarter losses per share and a revenue beat. In response, Raymond James lowered its price target to $25 from $27, while Cowen and Company upped its by $1 to $23. Though the equity is still down 16.1% year-to-date, today's pop has it further removing itself from its June 14 two-year low of $17.40. 

Meanwhile, Teladoc Health Inc (NASDAQ:TDOC) is trending on Stocktwits today as it takes a nosedive on the charts. TDOC is down 23.2% at $33.20 at last glance, after reporting second-quarter losses of $19.22 per share, compared to the losses of 64 cents anticipated by analysts. And though revenue came in above estimates, the company's quarterly net loss added up to $3.1 billion. Needham downgraded the stock to "hold" from "buy" after the news, while no fewer than eight other analysts slashed their price targets. Year-to-date, the security is down 63.7%. 

 

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