Wall Street is heading for its first losing week of 2023
Stocks are moving higher today, boosted by an upbeat quarterly report from Netflix (NFLX). Despite the Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) sporting triple-digit leads midday, and the former set to snap a three-day skid, all three major benchmarks are on track for their first weekly loss of 2023. The Cboe Market Volatility Index (VIX), meanwhile, is on track for its biggest weekly gain since early December.
Continue reading for more on today's market, including:
Despite a bear note this morning, Affirm Holdings Inc (NASDAQ) has seen more than 46,000 calls cross the tape, or triple the intraday average amount. The most activity taking place at the weekly 1/27 13-strike call, where new positions are being opened. D.A. Davidson earlier cut its price target on AFRM to $24 from $32, but the equity was still up 8.3% to trade at $13.25 at last check. Over the last month, Affirm stock has added more than 39%, though its 80-day trendline has capped this rally.
Shares of Astronics Corporation (NASDAQ:ATRO) are trading at $12.70 after adding 22.8% today, on news that the aerospace company expects its fourth-quarter sales to beat analysts' estimates. The stock is now trading near the top of the Nasdaq, and is trading at its highest level since March.
FARO Technologies Inc (NASDAQ:FARO) is trading at the bottom on the Nasdaq this afternoon, last seen down 23.7% to trade at $26.86 after announcing the offering of $60 million in convertible senior notes. Now trading at its lowest level since October, FARO is down more than 52% in the last 12 months.