The Dow was over 890 points lower midday
Stocks are extending this morning's selloff, after a hotter-than-anticipated consumer price index (CPI) reading for August shattered hopes of a less hawkish Fed. The Dow Jones Industrial Average (DJI) was last seen 893 points lower, while both the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are drowning in red ink as well. Further, all three major indexes look to snap four-day win streaks, despite cooling gas prices. Meanwhile, Wall Street's fear gauge -- the Cboe Volatility Index (VIX) -- is eyeing its best day since Aug. 26.
Continue reading for more on today's market, including:
- Analyst turns bearish on plant-based milk stock.
- Rent the Runway stock sinks on restructuring plans.
- Plus, options bulls eye ORCL after earnings; pharma stock extends rally; withdrawn buyout offer weighs on Unity Software stock.
Oracle Corporation (NYSE:ORCL) is getting blasted in the options pits today, with 54,000 calls and 26,000 puts across the tape thus far, or eight times the volume that is usually seen at this point. Most popular by far is the September 80 call, followed by the 77 call in that monthly series, with positions being opened at both. Last seen down 0.7% to trade at $76.54, the tech name posted worse-than-expected fiscal first-quarter earnings, while revenue was in line with estimates. Analysts followed with no fewer than four price-target hikes, with both BofA Global Research and BMO hiking to $90. Shares are bouncing off the $63 region, but overhead pressure remains at the $80 level.
At the top of the Nasdaq today is Neurobo Pharmaceuticals Inc (NASDAQ:NRBO), last seen up 203.5% to trade at $50.60. The drug developer yesterday announced a 1-for-30 reverse stock split to maintain compliance with listing requirements, with the outstanding shares reduced from roughly 26.7 million to 0.9 million. Shares earlier surged to their highest level since January, overcoming long-term resistance at the 80-day moving average, as the security builds on yesterday's 101.3% gain.
Pacing towards the bottom of the New York Stock Exchange (NYSE) is Unity Software Inc (NYSE:U). The equity is down 11.5% to trade at $37.41at last check, after AppLovin (APP) withdrew its buyout offer following the game maker's rejection of a $17.54 billion all-stock bid. The shares had recently bounced off the $33 level, but ultimately came short of conquering the $60 region. Year-to-date, U remains down 73.8%.