Dow On Track for 9 Straight After Johnson & Johnson Earnings

Netflix and Tesla's post-earnings slides are weighing on the Nasdaq

Digital Content Manager
Jul 20, 2023 at 11:56 AM
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The Dow Jones Industrial Average (DJI) is looking to extend its win streak, last seen up 250 points as it paces for its ninth consecutive win with help from Johnson & Johnson's (JNJ) quarterly beat. Post-earnings drops from Tesla (TSLA) and Netflix (NFLX) are still weighing on the Nasdaq Composite (IXIC) and S&P 500 Index (SPX), however. Meanwhile, Wall Street is unpacking this morning's manufacturing and jobless claims data along with existing home sales, which fell a larger-than-expected 3.3% in June. 

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

  • Netflix stock sinks on disappointing revenue.
  • Tesla's lower prices are squeezing its margins.
  • Plus, JNJ calls flying off the shelves; PRFX on the rise again; and biotech stock slumps on failed trial.

MMC Stats 0720 2 

Options bulls are swarming Johnson & Johnson (NYSE:JNJ) after the pharma name reported a second-quarter earnings and revenue beat. So far, 110,000 calls have been exchanged -- or 13 times the intraday average volume -- compared to 22,000 puts. The most popular by far is the July 165 call, which expires at the close tomorrow. Last seen up 5.8% at $168.06, the equity earlier hit its highest level since January, but is still 5% lower in 2023.
 
PainReform Ltd (NASDAQ:PRFX) is one of the best stocks on the Nasdaq today, last seen up 43.7% at $10.22, after it regained compliance with the benchmark's continued listing requirements. The equity has been extremely volatile this month, hitting a July 11, one-year high of $26.41 before pivoting lower again. Its 20-day moving average has been acting as support through this volatility, and year-to-date PRFX is up 149.2%.
 
At the bottom of the Nasdaq is Vir Biotechnology Inc (NASDAQ:VIR), which is down 44.5% at $12.80 this afternoon. Today's bear gap came after the company's flu therapy failed in mid-stage study. The equity earlier slipped to a three-year low of $12.71, with overhead pressure from its 20-day moving average keeping a lid on gains since mid-June. Year-over-year, VIR is down 57.3%.

 

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