Dow Brushes Off Inflation Data, Heads for Winning Week

The S&P 500 and Nasdaq are both on track for weekly losses

Deputy Editor
Aug 11, 2023 at 12:09 PM
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The Dow Jones Industrial Average (DJI) is brushing off this morning's hotter-than-expected inflation data, on track for a weekly win, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) both steepen their weekly deficits. Meanwhile, the University of Michigan's preliminary consumer sentiment index inched down to 71.2 in August from July's 71.6. 

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

  • Analyst upgrades Walmart stock ahead of earnings.  
  • Quantum computing stock bouncing off support after 7-day slide. 
  • Plus, options traders target CANO's lows; chip stock soars; and MAXN plummets. 

MMC Aug11

Options traders are blasting Cano Health Inc (NYSE:CANO) as the stock plummets to record lows following disappointing second-quarter results, job cuts, at least two downgrades, and questions as to whether the company will be able to function as a going concern. So far, 23,000 calls and 7,972 puts have crossed the tape, which is already nine times the average daily options volume, with the September 2 call seeing the most activity. 

Semiconductor stock Rigetti Computing Inc (NASDAQ:RGTI) is at the top of the Nasdaq today, following the company's strong second-quarter results and an upgrade from Benchmark to "buy" from "hold." At last glance, the stock was up 50% at $2.46. Having fallen into penny stock territory roughly a year ago, the equity is still down 43.2% year-over-year, though posting an impressive 237% year-to-date gain. 

On the other hand, Maxeon Solar Technologies Ltd (NASDAQ:MAXN) is down 31.8% at $15.19 and on the short sell restricted (SSR) list, after the company lowered its full-year forecast. The energy name also reported narrower-than-expected second-quarter losses of 3 cents per share and disappointing revenue, after which Raymond James slashed its price target to $28 from $24. Year-to-date, the equity is now down 5.4%. Familiar support at the $17 level appears to be keeping losses in check, however. 

 

MAXN Aug11

 

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