Stocks Roar Back to Life; Still Pacing for Weekly Loss

The major indexes are still pacing for weekly losses

Deputy Editor
May 5, 2023 at 11:47 AM
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Rebounding bank stocks, stellar Apple (AAPL) earnings, and a blowout jobs report are all helping stocks move significantly higher Friday afternoon. The Dow Jones Industrial Average (DJI) and Nasdaq Composite Index (IXIC) both sport triple-digit leads, while the S&P 500 Index (SPX) is in the black. Still, for the week, all three indexes are on track for losses.

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

  • These 2 stocks could see Cinco de Mayo tailwinds.
  • Bulls put all their chips on this sports gambling stock.
  • Plus, Carvana's restructuring bolsters options traders' optimism, and 2 earnings reports to unpack.

Midday Market Stats May 52023

Options traders are blasting Carvana Co (NYSE:CVNA) today, after the used car retailer said it expects to achieve positive adjusted earnings earlier than many expected thanks to a restructuring plan. So far, 102,000 calls and 70,000 puts have been exchanged, total options volume that's 10 times the intraday average amount. New positions are being bought to open at the two most popular contracts, the weekly 5/5 9-strike put and 10-strike call, respectively. Carvana stock was 34.4% higher to trade at $9.68, and up 110.2% year-to-date. 

FuboTV Inc (NYSE:FUBO) is rallying today, last seen up 38% to trade at $1.55 after the streaming service provider reported higher-than-expected first-quarter revenue and an upbeat full-year outlook. On the charts, FUBO has stalled near $1 for the last two months and is down 10.6% in 2023. 

Bio-Rad Laboratories, Inc. (NYSE:BIO) is down 17.8% at $380.25 at last glance, after the company reported top- and bottom-line results that came in lower than analysts' expectations. In response, Credit Suisse and Jefferies lowered their price targets to $580 and $605, respectively. In the last 12 months, BIO is down 24.6%.

BIO Chart May 52023

 

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