Stocks Soar, Set to Recover Yesterday's Losses

Retail stocks are leading the charge today

Managing Editor
Nov 15, 2022 at 12:02 PM
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Stocks are cruising today, taking their cues once more from encouraging inflation data. The Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) have all pared yesterday's losses and then some, on the heels of a cooler-than-expected producer price index (PPI) reading.

Retail stocks are big winners today, thanks to a halo lift from Walmart's (WMT) earnings blowout. Elsewhere, oil prices are cooling off, with December-dated crude futures last seen 1% lower at $84.98 per barrel. 

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

  • Etsy stock just cleared several key trendlines.
  • Buyout rumors are boosting this retail stock.
  • Plus, options bulls blasting chip stock; another AMD bull note; and lithium stock in the red. 

MMC Stats Nov 15

Options bulls are having a field day with Taiwan Semiconductor Mfg. Co. Ltd. (NYSE:TSM). So far, over 120,000 calls have exchanged hands, volume that's 14 times the average intraday amount. TSM is 11.5% higher at $81.19 at last check, after Warren Buffett's Berkshire Hathaway (BRK) disclosed a $4.1 billion stake in the overseas chip concern in a Securities and Exchange Commission (SEC) filing. TSM is heading for its highest close since Sept. 12, and is poised to close above its 100-day moving average for the first time since August.

TSM Stock Chart MMC

Advanced Micro Devices, Inc. (NASDAQ:AMD) is near the top of the SPX today, last seen up 5.2% at $78.30. Baird upgraded the semiconductor stock to "outperform" from "neutral" yesterday, while hiking its price target to $100 from $65. Year-to-date, AMD is still down 46.4%. 

Albemarle Corporation (NYSE:ALB) is on the other end of the spectrum, last seen down 7.5% at $292.72. Although a catalyst for this negative price action is unknown, lithium mining stocks are skipping today's broad market rally. Albemarle stock is up 24.9% in 2022, though.

 

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