Wall Street Lower Amid Earnings, Inflation Data

The Dow is heading toward a fourth straight loss

Deputy Editor
May 11, 2023 at 11:49 AM
facebook twitter linkedin

The Dow Jones Industrial Average (DJI) is extending its premarket dip, heading for a fourth-straight loss, after blue-chip Walt Disney (DIS) took a step back after earnings. Regional bank stocks are also under fire once again, following PacWest Bancorp's (PACW) deposits update. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) are more modestly lower.

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

  • Bearish bets pour in after Disney earnings.
  • pharma stocks moving lower.
  • Plus, PacWest's struggles; software stock buyout buzz; and a sketchy lithium stock.

Midday Market Stats May 112023

PacWest Bancorp (NASDAQ:PACW) is 18.6% lower at last glance, plunging below $5 per share on news that the banking firm lost 9.5% of its deposits last week. As a result, options volume is running at triple the intraday volume, with 62,000 puts and 27,000 calls traded already. The embattled bank said it still has access to $15 billion in available liquidity, but the news is weighing on sector peers. Year-to-date, PACW is down 77.7%, but still a ways off its annual low of $2.48.

PACW Chart May 112023

Absolute Software Corp (NASDAQ:ABST) is trading near the top of the Nasdaq this afternoon, after the company reached an $870 million buyout agreement with Crosspoint Capital. The shares were last seen 32.5% higher at $11.37, helping ABST move back above its year-to-date breakeven mark.

Atlas Lithium Corp (NASDAQ:ATLX) is down 14.7% to trade $18.38, amid news that Pomerantz Law Firm is investigating the mineral exploration company. A Bleecker Street Research report described the company as a "pretender" noting "it resembles many of the characteristics of a pump and dump." ATLX boasts a 308.4% year-over-year lead.


Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 


300x250 - Banner 3 - v1