Dow Down More Than 200 Points on Blue Chip Earnings

Homebuilder sentiment marked a positive reading for the first time since July

Deputy Editor
May 16, 2023 at 11:43 AM
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Stocks are all over the place midday, as investors pore over Home Depot's (HD) earnings, unpack retail sales data, and await movement on the debt ceiling negotiations. Despite homebuilder sentiment marking a positive reading for the first time in 10 months, the Dow Jones Industrial Average (DJI) is more than 200 points lower. Elsewhere, the S&P 500 Index (SPX) is more closer to breakeven while the Nasdaq Composite Index (IXIC) is moderately higher. 

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

  • Warren Buffett eyes this bank stock.
  • Positive trial data helps pharmaceutical stock.
  • Plus, HZNP's legal woes; a karaoke breakout; and Ohmyhome's cools off. 

Midday Market Stats May 162023

Trading at more than five-month lows, Horizon Therapeutics PLC (NASDAQ:HZNP) is seeing 26 times the typical intraday options volume this afternoon, with 80,000 puts and 13,000 calls exchanged. Most popular is the January 2024 85-strike put, where new positions are opening. The stock was last seen 18.4% lower at $91.55, after a Bloomberg report revealed the Federal Trade Commission (FTC) is readying to file a lawsuit to block Amgen's $27.8 billion acquisition of the biotech company. HZNP is back below its 170-day moving average, and now sports a 15.7% year-to-date deficit.

HZNP Chart May 162023

Singing Machine Company Inc (NASDAQ:MICS) is 108.5% higher to trade at $2.19, standing at the top of the Nasdaq after the company announced an end to its "at-the-market" equity program. Year-to-date, the stock is still down 55.2%.

After yesterday surging 67.3% on news that its expanding its operations into the Philippines, U.S.-listed shares of Mylasian-based Ohmyhome (NASDAQ:OMH) are today trading at the bottom of the Nasdaq. Last seen down 33.6% to trade at $20.50, OMH is still up 319% this quarter.

 

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