Stocks Stage Midday Comeback After Red-Hot CPI Data

The market is brushing off this morning's CPI data

Deputy Editor
Oct 13, 2022 at 11:52 AM
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Hotter-than-expected consumer price index (CPI) data for September sent stocks reeling this morning. However, the major indexes are staging a comeback midday, with all three benchmarks staging impressive bounces from their steep premarket losses. The blue-chip index is up 415 points at last glance, while the S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) move firmly into the black as well. 

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

  • Activist investor targets Kohl's board of directors. 
  • Domino's Pizza stock surging after revenue beat
  • Plus, WBA options pop after earnings; LASE continues rally; and RLMD plummets after failed trial. 

MMC Oct13

Walgreens Boots Alliance Inc (NASDAQ:WBA) options are flying off the shelf after the company's strong fiscal fourth-quarter report. The blue-chip healthcare name reported earnings of 80 cents per share on revenue of $32.45 billion -- both higher than the 77 cents per share and $32.09 billion anticipated by analysts. So far, 38,000 calls and 20,000 puts have crossed the tape, which is six times the intraday average. The January 2023 47.50-strike call is the most active, followed by the 35-strike call in the same monthly series, with new positions being opened at the latter. Today's pop has WBA further bouncing off its Oct. 7, 10-year low of $30.93, with notable pressure overhead at the 100-day moving average.

WBA Oct13

Near the top of the Nasdaq this afternoon stands Laser Photonics Corp (NASDAQ:LASE), last seen up 41.6% at $4.15. The stock has mostly fallen since its Sep. 30 market debut at $5.00, but has been on the rise since the Oct. 11 news that the company received orders from the U.S. Navy. LASE is on the short sell restricted (SSR) list today amid the volatility.

Meanwhile, biotech stock Relmada Therapeutics Inc (NASDAQ:RLMD) is at the bottom of the Nasdaq, down 78.1% at $6.95 and trading at three-year lows, after its experimental drug for major depressive disorder, REL-1017, failed in a highly-anticipated late-stage study. After the news, Truist Securities cut its rating to "hold" from "buy," with a price-target cut all the way to $10 from $90. 

 

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