Schaeffer's 43rd Anniversary Stock Picks in 2024

Dow Reverses Morning Losses as Walmart Stock Surges

The Nasdaq, however, is down triple digits

Deputy Editor
Aug 16, 2022 at 11:43 AM
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The Dow Jones Industrial Average (DJI) has reversed its morning losses, up 135 points by midday, while the S&P 500 Index (SPX) sits below breakeven, and the Nasdaq Composite (IXIC) slips further into the red. Investors are still digesting earnings reports from big-name retailers such as Walmart (WMT), which is up 5.7% at last check, as well as economic data showing that U.S. industrial output rose a higher-than-expected 0.6% in July, while manufacturing rose 0.7%, after falling the past two months. Meanwhile, the Biden administration is canceling $3.9 billion in student debt for 208,000 who attended ITT Technical Institute. 

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

  • Cardinal Health received a pair of price-target hikes
  • Options traders target Home Depot stock after earnings. 
  • Plus, FUBO calls are red-hot; SKYT surging after quarterly results; and ALBO plummets after disappointing drug sales forecast.

MMC Stats August16

FuboTV Inc (NYSE:FUBO) is seeing a surge in bullish options activity today, with 82,000 calls across the tape so far, which is eight times the intraday average. The most popular position is the August 5 call, followed distantly by the 4.50 call in the same monthly series, with positions being opened at the former. Though the reason for this volume is unclear, the company yesterday named Lynette Kaylor as Senior V.P. The stock is struggling to make it out of penny stock territory since its July 5 record low of $2.31, especially as pressure at the 140-day moving average looms overhead. 

FUBO August16

One of the top performers on the Nasdaq today is Skywater Technology Inc (NASDAQ:SKYT). The stock was last seen up 34.8% at $19.20, after the semiconductor name's second-quarter results showed revenue rising 15% to $47.4 million. No fewer than four analysts raised their price targets after the event, with the highest from Jefferies to $14 from $7. Fresh off its first weekly loss in the last six weeks, the equity is now trading at its highest level since November. 

Meanwhile, Albireo Pharma Inc (NASDAQ:ALBO) is one of the worst performers, down 25.6% at $18.54, after the biotech name cut its revenue forecast for its only approved drug, Bylvay, to $24 million from $30 million. The company also reported mixed second-quarter results, filed for a mixed shelf offering of up to $400 million, and announced it was expanding its partnership with Medison Pharma. A familiar floor at the $18 level appears to be catching today's pullback, and the equity is down 20.2% year-to-date. 

 

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