Stocks Move Higher as Wall Street Eyes China Lockdowns

Investors are considering the global economic impact of China tightening Covid-19 restrictions

Deputy Editor
Nov 22, 2022 at 11:59 AM
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The Dow Jones Industrial Average (DJI) is up 271 points midday, while the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are firmly higher as well. This rise comes  as Wall Street brushes off tighter Covid-19 restrictions in China following the first virus-related deaths since May -- one week after the country had begun to reopen. Oil prices are on the rise as well, after Saudi Arabia denied claims that the Organization of the Petroleum Exporting Countries (OPEC+) is considering an output increase. 

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

  • Why Beyond Meat is under fire today. 
  • Dell Technologies stock lowers forecast despite upbeat earnings.  
  • Plus, options traders target TEVA; and 2 stocks moving in opposite directions after their reports. 

MMC Nov22

Teva Pharmaceutical Industries Ltd (NYSE:TEVA) is seeing an options surge today, after the company finalized its nationwide opioid settlement terms. So far, 82,000 calls and 23,000 puts have been exchanged, with the January 2024 15- and 12-strike calls seeing the most activity. At last check, TEVA was up 3.6% to trade at $9.15. 

The New York Stock Exchange's Burlington Stores Inc (NYSE:BURL) is soaring today, up 18% at $106.03 at last glance. The shares are brushing off lower-than-expected third-quarter results, after the company's current-quarter comparable sales forecast beat estimates. Now trading at its highest levels since May, BURL is looking to close above its 200-day moving average for the first time since September of 2021. Year-over-year, the stock is still down 29.4%. 

BURL Nov22

Conversely, Jack in the Box Inc (NASDAQ:JACK) is plummeting after its fourth-quarter earnings miss and dismal forecast, despite reporting revenue above estimates. The stock is down 16.2% at $71.21 at last glance, with familiar support at the $70 level capturing today's earlier lows. Year-to-date, the equity is down 18.5%. 

 

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