Earnings Maintain Focus as Stocks Slip

The Dow is down triple digits midday

Deputy Editor
Apr 18, 2023 at 12:04 PM
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The Dow Jones Industrial Average (DJI) is down 140 points midday, as stocks reverse their premarket gains, while the S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) hover just below fair value. Investors are still unpacking a slew of generally positive corporate earnings reports from this morning. Meanwhile, gold prices are on the rebound after yesterday slipping below $2,000 per ounce. 

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

  • Nvidia stock receives rare double upgrade. 
  • Analyst praises solar stock as it acquires market share. 
  • Plus, GS attracts options traders after earnings miss; biotech stock soars; and BLBX pulls back from yesterday's surge. 

MMC April18

Options traders are blasting Goldman Sachs (NYSE:GS), after the bank name's disappointing first-quarter results. So far, 53,000 calls and 33,000 puts have exchanged hands, which is five times the average daily volume. The April 340 call is the most active contract, with new positions being opened there. At last glance, the shares were down 1.6% at $334.30. Looking to snap a seven-day win streak, GS' rally was cut short at the $340 level, with several moving averages lingering just above as potential pressure, including its 180-day trendline. 

GS April18

Phio Pharmaceuticals Corp (NASDAQ:PHIO) is soaring 64.8% higher to trade at $10.02 at last glance, after the biotech name released strong preclinical data for its dual-targeting PD-1/CTLA-4 INTASYL, a treatment to kill tumor cells. Earlier hitting a nearly one-year high of $12.27, PHIO is up 100% year-to-date. 

Meanwhile, Blackboxstocks Inc (NASDAQ:BLBX) is at the bottom of the Nasdaq, down 29.3% at $3.87. The stock appears to be staging a correction after last session's 107.2% pop, which came after the company signed a letter of intent to merge with Evtec Group. Year-to-date, the equity is still up 218%. 

 

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