Stocks Still Muted as Oil Prices Move Higher

China’s crude imports rose in May

Deputy Editor
Jun 7, 2023 at 11:52 AM
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Stocks are struggling for direction, as investors continue to unpack this morning's U.S. trade deficit data, which missed analysts' estimates. The Dow Jones Industrial Average (DJI) is flat, while the S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) are pointed modestly below breakeven. Meanwhile, oil prices are on the rise, amid reports that China’s crude imports jumped higher in May. 

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

  • Stitch Fix stock eyeing best day since 2020. 
  • Biotech name's late-stage trial raises concerns. 
  • Plus, call traders eye PLAY; FARM soars on business sale; and BASE plummets from highs. 

MMC June7

Options bulls are targeting Dave & Buster's Entertainment Inc (NASDAQ:PLAY), as the stock soars following a first-quarter profit beat, up 23.8% at $41.76 at last glance. So far, 19,000 calls have been placed, which is 42 times the amount typically seen at this point, compared to 7,753 puts. The June 40 call is the most active contract, with new positions opening there. Today's pop has PLAY breaking above its 200-day moving average. Year-to-date, the security is now up 18.4%. 

PLAY June7

Farmer Bros Co (NASDAQ:FARM) is at the top of the Nasdaq today, after news that the coffee maker is selling its direct ship business, including its Northlake, Texas facility to TreeHouse Foods for roughly $100 million. FARM was up 62.2% to trade at $3.13 at last check, and earlier was as high as $3.67, hitting its highest level since early April. 

Couchbase Inc (NASDAQ:BASE) is crumbling on the charts, despite the company's narrower-than-expected first-quarter losses per share and revenue win, as well as no fewer than six price-target hikes. Today's loss puts BASE on track to snap its three-day win streak, and further removes it from its June 5, 52-week high of $22.50. Year-to-date, the equity is still up 28.8%. 


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