Dow Dinged as Big Bank Earnings Weigh

Goldman Sachs reported its worst earnings miss in 10 years

Deputy Editor
Jan 17, 2023 at 11:40 AM
facebook X logo linkedin


A round of earnings from the banking sector is weighing today, stifling Wall Street's early 2023 momentum. The Dow Jones Industrial Average (DJI) is down nearly 400 points at last glance, after Goldman Sachs (GS) reported its steepest earnings miss in a decade. Elsewhere, the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are hovering just below breakeven, with the former breaching the psychologically-significant 4,000 level

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

  • 3 heavy-hitting stocks downgraded today.
  • Options traders pounce on bank stocks after earnings.
  • Plus, Carvana's "poison pill;" a medtech's new acquisition; and EDU's earnings.

Midday Market Stats January 172023

Carvana Co (NYSE:CVNA) is up 8.4% to trade at $7.61 this afternoon, and call traders are ramping up their positions, after the online used-car retailer adopted a shareholder rights plan -- known on Wall Street as a "poison pill." This rights plan is designed to protect long-term shareholder value, though it could could be "substantially limited" in the long-term. At the session's halfway point, more than 43,000 bullish bets have been traded, which is double the average intraday volume. The equity is also on today's Short Sale Restricted (SSR) list. Amid a string of layoffs and liquidity concerns, Carvana stock has shed 95% in the last 12 months.

CVNA Chart January 172023

Santa Clara-based Shockwave Medical (SWAV) has reached a deal to buy Neovasc Inc (NASDAQ:NVCN) for nearly $75 million, helping the latter trade near the top of the Nasdaq this afternoon. Neovasc stock was last seen 28.5% higher to trade at $27.68, and earlier hit its highest level since April 2021. In the last nine months, NVCN is up more than 190%.

New Oriental Education & Tech Grp (NYSE:EDU) is trading near the bottom of the New York Stock Exchange (NYSE) after a lackluster fiscal second-quarter showing. The China-based educational service provider reported earnings that fell well below analysts' estimates, though revenue beat expectations. Year-over-year, EDU is down more than 146%.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI