Wall Street Pulls Back as Chip Stocks Dent Nasdaq

Multiple headwinds are impacting the semiconductor sector

Deputy Editor
Oct 10, 2022 at 12:06 PM
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Falling semiconductor stocks are weighing on the Nasdaq Composite (IXIC) this afternoon, with the tech-laden benchmark hitting its lowest level since September 2020. Rising interest rates are denting the chip sector, as are new export controls the Biden administration announced that will limit U.S. companies' abilities to sell computing semiconductors and related equipment to China. Meanwhile, the Dow Jones Industrial Average (DJI) sports an 87-point deficit, and the S&P 500 Index (SPX) sits in the red too, as Wall Street prepares for this week's earnings from the world's four largest banks. 

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

  • Analyst predicts gloomy 2023 for the auto industry.
  • Near total recall weighs on electric vehicle maker.
  • Plus, options traders blast pharmaceutical stock; REIT announces big sale, c-suite shakeup weighs on FIVN.

Midday Market Stats October 102022

scPharmaceuticals Inc (NASDAQ:SCPH) is seeing an increase in options-related activity, after securing U.S. Food and Drug Administration (FDA) approval for FUROSCIX, an at-home treatment for congestion in chronic heart failure. At the midday mark, 3,118 calls and 3,061 puts have already been exchanged, which is 32 times the average intraday amount. The most popular position by far is the November 7.50 call, followed by the October 7.50 call. scPharmaceuticals stock was last seen down 19.9%, however, trading at $3.99 after the company announced a $100 million debt refinancing agreement with Oaktree Capital Management. Since Jan. 31, the security has consistently traded between $6.80 and $4, and it now stands 14.3% lower in 2022.

Real estate investment trust (REIT) Veris Residential Inc (NYSE:VRE) today announced a binding agreement to sell Harborside 1, 2, and 3 for an aggregate price of $420 million, and also completed its $346 million sale of 101 Hudson Street. The news has the shares trading at the top of the New York Stock Exchange (NYSE) this afternoon, last seen 11.4% higher at $11.55. While bouncing from Friday's all-time low of $10.22, VRE remains down 37.4% year-to-date.

A change in the executive room is weighing on Five9 Inc (NASDAQ:FIVN), with the shares trading near the bottom of the Nasdaq today after falling 19.4% to $62.08. The cloud software company's CEO Rowan Trollope resigned from his position and from the board of directors, and long-time Chairman and former CEO Mike Burkland will assume the role once again on Nov. 28.  After briefly crossing above its 140-day moving average in August, FIVN pulled back sharply and now sports a 55.1% year-over-year deficit.

FIVN Chart October 102022


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