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
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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.

 

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