Stocks Finding Footing to Kick off August

A better-than-expected manufactruing reading is giving stocks a quiet boost

Digital Content Manager
Aug 1, 2022 at 11:46 AM
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Stocks are trying to extend last month's impressive trading into August's first session. The Dow Jones Industrial Average (DJI) was last seen up nearly 50 points, while the Nasdaq Composite (IXIC) and the S&P 500 Index (SPX) both sport quiet midday gains, with all three indexes slowly climbing into the black after spending the morning in the red.

A better-than-expected manufacturing report is keeping the wind in Wall Street's sails. According to the Institute for Supply Management (ISM) reading, manufacturing rose in July for the 26th-straight month. Though the index showed growth at its slowest pace since June 2020, the figures still came in just above the anticipated estimates. Meanwhile, oil prices continue to show weakness, and West Texas Intermediate (WTI) crude was last seen down 4.2% at $94.60 per barrel. 

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

  • Yet another analyst is bullish on Palo Alto Networks stock
  • Analyst: the best might be over for Comcast stock
  • Plus, options bears swarm cruise concern; Wall Street newbie takes off; and disappointing study results sink KZIA. 

mmc stats aug 1

Royal Caribbean Cruises Ltd (NYSE:RCL) is seeing a uptick in bearish options activity today. So far, 9,028 puts have crossed the tape, which is double the intraday average, compared to 5,237 calls. The most popular positions are the weekly 8/5 35-strike put, followed by the 37-strike call in the same series, with positions being opened at both. RCL was last seen down 10.7% at $34.60, following the cruise company's announcement of a private offering of senior convertible notes worth $900 million in an effort to raise capital. The stock is down more than 54% in 2022, with it's recent rally cut short by the 40-day moving average. 

rcl aug 1

One of the best performing stocks on the Nasdaq today is Mobile Global Esports Inc (NASDAQ:MGAM). The equity was last seen up 59.1% at $17.79. MGAM went public last Friday with an initial public offering (IPO) of 1.5 million shares at $4 each. The security settled well above this IPO price on its first day of trading, ending the day at $11.19, and earlier today MGAM traded as high as $20.74. 

Meanwhile, Kazia Therapeutics Ltd (NASDAQ:KZIA) is one of the worst performing stocks on the Nasdaq today. At last check, the security was trading down 40.8% at $2.15, after a key study for its paxalisib treatment in diagnosed glioblastoma did not meet its end goal for proceeding to a stage two study. The shares earlier hit a nearly five-year low of $1.63. For the year, KZIA has shed 74.6%, with pressure sitting above at the 20-day moving average. 

 

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