VIX Hits Fresh Low; Stocks Struggle to Find Footing

All three major benchmarks are lower as well

Deputy Editor
Apr 19, 2023 at 12:26 PM
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The Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite Index (IXIC) are trading in the red this afternoon, as investors unpack earnings from several companies including Netflix (NFLX), the shares of which are leading Big Tech's slump today. The Cboe Volatility Index (VIX), meanwhile, is eyeing its sixth-straight day of losses, and earlier hit its lowest mark since November 2021.

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

  • A cannabis stock check-in ahead of 4/20.
  • Bank stock added to "best ideas" after earnings.
  • Plus, bankruptcy talks continue for BBBY; bank stock brushing off disappointing revenue; and the latest BofA downgrade.

mmc april19

Bed Bath & Beyond Inc (NASDAQ:BBBY) stock is soaring today, up 33.8% at last glance, though still firmly in penny stock territory at $0.49, after news that the company is reviving bankruptcy preparations. The most popular stock in the options pits at last check, BBBY has seen 282,000 calls and 16,000 puts exchanged so far, which is already 2.2 times the typical daily volume. The April 0.50 call is the most popular, followed by the June 1 call. Year-to-date, the equity is down 81.8%. 

Metropolitan Bank Holding Corp (NYSE:MCB) is up 15% at $35.42 at last glance, after the company's first-quarter earnings beat, despite lower-than-expected revenue. Breaking above its 20-day moving average for the first time since mid-February, MCB is still down 39.4% year-to-date as it struggles to rebound from March's bank crisis. 

CDW Corp (NASDAQ:CDW),on the other hand, is down 13.3% at $165.09 after its preliminary first-quarter sales came in below estimates. BofA Global Research downgraded the stock to "neutral" from "buy," with a price-target cut to $200 from $240, while no fewer than five other analysts slashed their price targets as well. Trading at its lowest levels since October, CDW broke below recent support at the $185 level as well as its 140-day moving average. Year-to-date, the equity is down 7.9%. 

CDW April19

 

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