Nasdaq Turns Lower Ahead of Big Week for Tech

Oil prices are on the rise after last week's drop

Deputy Editor
Apr 24, 2023 at 11:38 AM
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The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are continuing their pattern of choppy, sluggish trading today. The Nasdaq Composite Index (IXIC), on the other hand, has begun to slip deeper into the red ahead of this week's slew of Big Tech earnings. Elsewhere, oil prices are back on the rise, after both Brent and West Texas Intermediate (WTI) crude fell over 5% last week. 

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

  • First Solar stock dinged by downgrade. 
  • Lithium stock on the mend after a rough week. 
  • Plus, options traders target GETY; IDYA soars on drug study; and AI downgraded.  

MMC Apr24

Options traders are blasting Getty Images Holdings Inc (NYSE:GETY), after news that Trillium Capital will acquire the picture company for $10 per share in cash in a deal valuing it at $3.95 billion. So far, 17,000 calls and 13,000 puts have been exchanged, volume that's 8.3 times the average daily volume. The May 5 put is the most active, with new positions being bought to open. GETY is up 32.6% at $6.71 at last check. 

Ideaya Biosciences Inc (NASDAQ:IDYA) is up 26.7% at $18.91 at last glance, after promising data from the biotech's eye cancer drug study. Plus, Stifel upgraded the stock to "buy" from "hold," with a price-target hike to $24 from $18, while Guggenheim raised its price target to $40 from $32. Gapping into positive territory in 2023, IDYA is currently up 3.6% year-to-date. Inc (NYSE:AI) is down 11% at $17.85 following a downgrade from Wolfe Research to "underperform" from "peer perform." The firm cited revenue growth concerns, sending the shares to their lowest levels since January. The start of the year was strong, however, and AI is still up 60.1% year-to-date. Plus, the stock's 120-day moving average appears to be keeping losses in check. 

AI Apr24


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