Wall Street Mostly Higher; Snap Earnings Weigh on Tech

Snap's earnings are weighing on the tech sector

Deputy Editor
Oct 21, 2022 at 12:02 PM
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Friday's choppy trading looks here to stay, with Wall Street posting mixed returns amid more corporate earnings. While the Dow Jones Industrial Average (DJI) is roughly 181 points higher and the S&P 500 Index (SPX) sits squarely in the black, the Nasdaq Composite Index (IXIC) has dipped into the red, weighed down by dismal quarterly report from Snap (SNAP) that's taken down the whole tech sector with it. Nevertheless, all three indexes are headed for sizable weekly wins.  

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

  • Sentiment survey bears are everywhere you look.
  • Snap's earnings weigh on social media sector.
  • Plus, AXP's post-earnings options surge; Hawaiian Airlines teams up with Amazon.com; and pharma company reverses stock split plans.

Midday Market Stats October 212022

Options traders are blasting American Express Company (NYSE:AXP) after the credit card company reported a topline beat while raising its full-year forecast on increased customer spending. AXP was last seen 6.4% lower to trade at $133.35 though, while the 17,000 calls and 17,000 puts traded so far account for volume that's seven times the average intraday amount. New positions are being opened at the top contract, the October 140 call set to expire today. On the charts, AXP's 140-day moving average recently cut a rally short above the $160 level.

AXP Chart October 212022

Hawaiian Airlines' parent company Hawaiian Holdings, Inc. (NASDAQ:HA) was last seen up 11.8% at $15.74, trading near the top of the Nasdaq after securing a major agreement with Amazon.com (AMZN). According to a press release, Hawaiian will now "operate and maintain an initial fleet of 10 Airbus A300-300 freighters starting in the fall of 2023," with the ability to expand based on Amazon's future business needs. Year-to-date, HA remains nearly 15% lower.

Kala Pharmaceuticals Inc (NASDAQ:KALA) is 21.8% lower this afternoon, trading at $7.82 after the company announced it will reverse a stock split plan. The equity has struggled on the charts, consolidating below the $20 level for much of the last five months. Year-to-date, KALA is down more than 87%.



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