Stocks Headed for Strong Weekly Wins

Consumer sentiment rose to a four-month high

Deputy Editor
Jun 16, 2023 at 12:18 PM
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Stocks are struggling for direction midday, but all three major indexes are on track for strong weekly gains. The Nasdaq Composite (IXIC) is pacing for its eighth consecutive positive week, while the S&P 500 (SPX) is on track for its fifth-straight weekly win-- its longest streak since November 2021. This morning's data showed consumer sentiment rising to a four-month high of 63.9 amid cooling inflation. Meanwhile, oil prices are headed for their first weekly win since May. 

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

  • Amazon buyout boosts iRobot stock
  • Virgin Galactic stock blasts off after flight update. 
  • Plus, options traders eye GLW after upgrade; EV stock soaring; and CHRS falls on acquisition. 

MMC June16

Options traders are targeting Corning Inc (NYSE:GLW) today, after Citigroup yesterday upgraded the equity to "buy" from "neutral," with a price-target hike to $40 from $36. So far, 7,738 calls and 14,000 puts have been traded, which is 12 times the average daily volume. The August 33 call and 31 put are the most active contracts. At last glance, GLW is up 3.3% at $34.97, and sports an 11.6% year-over-year lead.

Lordstown Motors Corp (NASDAQ:RIDE) is up 17.8% at $4.96 at last glance, joining other electric vehicle (EV) stocks in a rally, though there is no apparent catalyst driving this positive price action. Looking to snap a four-week losing streak, RIDE is down 64.3% year-to-date. 

RIDE June16

Coherus Biosciences Inc (NASDAQ:CHRS) was last seen down 20.3% at $4.29, dipping back into penny stock territory after the biotech name announced its acquisition of Surface Oncology (SURF) in a deal valued up to $65 million. Since the start of 2023, CHRS is down 44.8%. 

 

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