Nasdaq Eyes Triple-Digit Drop, 3rd-Straight Daily Loss

A selloff in the semiconductor sector is putting considerable weight on the tech-heavy Nasdaq

Digital Content Manager
Aug 9, 2022 at 11:56 AM
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Stocks are struggling midday, with the Dow Jones Industrial Average (DJI) briefly clawing back above its breakeven mark before falling to a 47-point drop, while the S&P 500 Index (SPX) also sits in the red. The Nasdaq Composite (IXIC) is getting hit the hardest however, as it suffers a triple-digit loss at the midway mark. The index is also pacing for its third-straight daily drop, as Micron Technology's (MU) revenue warning dents the semiconductor sector. Wall Street's "fear gauge" -- the Cboe Volatility Index (VIX) -- on the other hand, is climbing higher, last seen up more than 2% and set for its second-straight daily gain. 

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

  • Why SoFi Technologies is facing more obstacles.
  • Micron becomes the latest chip giant to issue a grave warning. 
  • Plus, bulls target OXY on Berkshire Hathaway stake; VRNA soars on upbeat trial data; and HEAR tumbles after Q2 miss. 

midday stats aug 9

Options bulls are targeting Occidental Petroleum Corporation (NYSE:OXY) at a quicker-than-usual clip after Berkshire Hathaway purchased even more shares of the company, breaking past the 20% stake level. This indicates the Warren Buffet owned company could record some of Occidental's earnings alongside its own, which could mean billions of dollars in profits. So far, 57,000 OXY calls have crossed the tape, which is double the intraday average. The most popular is the weekly 8/12 63-strike call, followed by the 65-strike call, with positions being opened at both. OXY was last seen up 4.1% at $62.56, putting the stock back above its +100% year-to-date mark. 

One of the best stocks on the Nasdaq today is Verona Pharma PLC - ADR (NASDAQ:VRNA). The security was last seen up 79% at $12.44 after the company said its lung disease treatment ensifentrine met the main goal of its late-stage study. The therapy is being developed as a potential treatment for chronic obstructive pulmonary disease (COPD). The stock earlier hit a two-year high of $14.69. VRNA was already staging a rally off its 160-day moving average coming into today, and now the equity sports an impressive 79% year-over-year lead.

vrna aug 9

One of the worst stocks on the Nasdaq today is Turtle Beach Corp (NASDAQ:HEAR), after the company said its strategic review failed to find a buyer. Separately, the firm's second-quarter revenue and losses missed analysts' estimates, sending the equity down 33.8% to trade at $9.26 at last check. HEAR is now down 58% in 2022, and trading at its lowest level since May 2020. 

 

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