Stocks Eye Steep Daily, Weekly Losses After Recession Warning

The tech-heavy Nasdaq is eyeing its worst week since January 21

Digital Content Manager
Sep 16, 2022 at 11:54 AM
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Stocks are swimming in red ink midday, after FedEx (FDX) withdrew its full-year forecast as global shipment volumes weaken amid a worsening global economy. The Dow Jones Industrial Average (DJI) was last seen down 266 points, while the S&P 500 Index (SPX) is firmly lower as well, with both indexes eyeing their biggest weekly losses since June 17. The Nasdaq Composite (IXIC) is also deep in the red, as it paces for its worst week since January 21. Meanwhile, oil prices are on the rise, but West Texas Intermediate (WTI) crude remains on track for a third consecutive weekly drop.

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

  • Alcoa stock upgraded as analyst eyes metals sector.
  • Digging deeper into FedEx's dire warning.
  • Plus, NCR to split into 2 companies; tech name extends debut rally; and GETY plummets.

MMC Stats 0916

NCR Corporation (NYSE:NCR) is getting blasted in the options pits, with 11,000 calls and 14,000 puts exchanged so far today, which is six times the volume that is typically seen at this point. Most popular is the November 25 call, followed by the 15 put in the same monthly series, with new positions opened at both. The security is sinking today, last seen down 23% to trade at $22.41, after the company announced plans to split into two independent publicly traded entities, with one focusing on digital e-commerce and the other ATMs. Shares earlier hit a roughly two-year low of $21.64, and are eyeing their fourth-straight day in the red. Year-to-date, NCR is down 45.2%.

NCR Intraday

At the top of the New York Stock Exchange (NYSE) today is Amprius Technologies Operating Inc (NYSE:AMPX). Last seen up 35.3% at $13.50, the lithium-ion battery concern began trading publicly yesterday after the completion of its special purpose acquisition company (SPAC) merger with a unit of Kensington Capital Acquisition (KCAC). Shares surged to the $26 level upon their market debut, before closing at $9.99. 

Towards the bottom of the NYSE is Getty Images Holdings Inc(NYSE:GETY). The equity is down 19.8% at $10.71 at last check, following news that the company filed a prospectus with the U.S. Securities and Exchange Commission (SEC) for the potential sale of 401 million shares plus warrants. Shares have been volatile of late, surging to an Aug. 2, record high of $37.88 before crashing down, though the $10 level may contain this pullback. GETY is today pacing for its fourth loss in five sessions, but remains up 10.6% year-over-year.

 

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