The Dow boasts a strong triple-digit lead
Wall Street is building on yesterday's rally, with the Dow Jones Industrial Average (DJI) boasting a more than 200-point lead after an impressive round of bank earnings. The Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) also boast strong leads, as investors remain optimistic that a strong earnings season could signal a stronger economy than previously thought.
Continue reading for more on today's market, including:
- Unpacking this blue-chip pharma giant's earnings.
- Financial institution announces restructuring plans.
- Plus, Carnival subsidiary announces offering; Akouos and Eli Lilly agree to buyout; and what's weighing on Conn's stock.
Carnival Corp (NYSE:CCL) options are popping today, after the company's Carnival Holdings (Bermuda) Ltd. subsidiary began a private offering of $1.25 billion of senior priority notes. So far, 80,000 calls and 58,000 puts have been exchanged, or triple the intraday average. New positions are being opened at the two most popular contracts, the October 8.50 and 8 calls. At last glance, CCL was up 11.1% to trade at $8.07, and attempting to break above short-term pressure at its 20-day moving average. Year-over-year, Carnival stock sports a 65.6% deficit.
Near the top of the Nasdaq this afternoon Akouos Inc (NASDAQ:AKUS), last seen up 85.7% to trade at $13.02. The equity is trading at 13-month highs, after it was announced that Eli Lilly (LLY) will buy the genetic therapies company for $487 million in cash, if certain drug trial goals are hit.
Retail concern Conn's Inc (NASDAQ:CONN) is near the bottom of the Nasdaq, down 16.2% at $6.80 and trading at more than two-year lows. The company withdrew its full-year 2023 guidance, while its President and CEO stepped down, and the fallout has the shares trading 72.5% lower year-to-date.