Stocks Turn Lower; Dow, Nasdaq Drop Triple Digits

Walt Disney announced a big-time deal ahead of its earnings report

Deputy Editor
Aug 9, 2023 at 11:55 AM
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Stocks have reversed their morning gains, and are now looking to extend Tuesday's losses, as investors eye  tomorrow's inflation data. The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are both down triple digits, while the S&P 500 Index (SPX) sits in the red as well. Walt Disney (DIS) is in the spotlight ahead of its earnings report, due out after the close, after making a deal with Penn Entertainment (PENN) to launch a new online sportsbook

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

  • Lyft's price war overshadowing strong earnings results
  • Why Roblox stock is plummeting today. 
  • Plus, tech stock brushes off quarterly win; what's boosting TNGX; and dismal guidance weighs on PUBM.

MMC Aug9

Options traders are targeting Super Micro Computer Inc (NASDAQ:SMCI), as the stock slides despite strong fiscal fourth-quarter results. So far, 47,000 calls and 40,000 puts have crossed the tape, which is already five times the average daily volume. The weekly 8/11 285-strike call is the most active, with new positions being bought to open there. At last check, SMCI is down 22.6% at $267.35, but maintains a 231.9% year-to-date lead.

Tango Therapeutics Inc (NASDAQ:TNGX) is at the top of the Nasdaq today, after a couple analysts introduced lofty bull notes following yesterday's second-quarter report. Guggenheim raised its price target to $16 from $12, while Leerink Partners hiked its own to $20 from $16. With shares currently up 92.7% at $7.38, both of these objectives still represent a hefty upside. Breaking above pressure at the $4 level, TNGX has jumped above its 320-day moving average as well. Year-to-date, the equity is up 4.4%. 
 

TNGX MMC

PubMatic Inc (NASDAQ:PUBM) is down 26.9% at $13.57 at last glance. The software name reported wider-than-expected second-quarter losses per share and a revenue win, but investors are focused on disappointing current-quarter guidance. Plus, Oppenheimer and Macquarie downgraded the shares. Since the start of 2023, PUBM is holding on to a 7% gain. 

 

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