Stocks Extend Slump, Head for Weekly Losses

The S&P 500 has all 11 sectors sitting firmly in the red

Deputy Editor
Feb 24, 2023 at 11:56 AM
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Stocks are extending their premarket losses, with the Dow Jones Industrial Average (DJI) down 409 points at last check. Both the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) are sharply lower as well, with the latter's 11 sectors sitting firmly in the red. The latest inflation data is still weighing on Wall Street, with all three major indexes headed for steep weekly losses. 

  • New record for Booking amid strong travel demand.  
  • Potential acquisition roadblock hurting Adobe stock
  • Plus, call traders target BYND; CYRX jumps after revenue win; and FULC sinks on FDA hold. 

MMC Febr24

Options bulls are blasting soaring Beyond Meat Inc (NASDAQ:BYND) after the company's better-than-expected fourth-quarter results and strong revenue outlook. No fewer than four analysts have lifted their price targets, with BYND up 18% at $20.23 at last glance. So far today, 116,000 calls have crossed the tape -- eight times the intraday average -- compared to 62,000 puts. The weekly 2/24 23-strike call is the most active, with new positions opening there. Today's pop has BYND trading above its 200-day moving average for the first time since July 2021. 

BYND Feb24

Cryoport Inc (NASDAQ:CYRX) is up 12.7% to trade at $23.23 at last glance, after the company's fourth-quarter revenue beat, with at least three brokerages raising their price targets in response. Year-to-date, the stock is up roughly 34%, though a slew of moving averages linger above as potential pressure, including the 140-day trendline.  

At the bottom of the Nasdaq is Fulcrum Therapeutics Inc (NASDAQ:FULC), last seen down 52.4% to trade at $6.14, and on the short sale restricted (SSR) list. The Food and Drug Administration (FDA) placed biotech concern's blood disorder drug trial on clinical hold. Year-over-year, FULC is down 42.6%.

 

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