Stocks Lower as Fitch Warning Weighs on Bank Sector

Economic data out of China is still dragging stocks as well

Deputy Editor
Aug 15, 2023 at 12:05 PM
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This morning's pessimism is lingering, with as all three major benchmarks carrying solid midday deficits, including the Dow Jones Industrial Average (DJI) with a 262-point drop. Disappointing economic data out of China is weighing on sentiment, while the bank sector is taking a hit after Fitch warned it may downgrade its rating on even more financial names, including JPMorgan Chase (JPM). 

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

  • Downgrade sends oil stock further from highs. 
  • Warren Buffett's Berkshire bets on homebuilding name
  • Plus, options traders buy in on SE's plummet; and 2 stocks swinging in opposite directions after earnings. 

MMC Aug15

Sea Ltd (NYSE:SE) is among the most popular stock in the options pits today, as it plummets following a second-quarter revenue miss amid weak e-commerce sales. So far, 80,000 calls and 94,000 puts have been exchanged, which is already 13 times the average intraday volume. The September 40 and 35 puts are the most active contracts, with positions being opened at both. SE is down 27.5% at $41.23 at last glance, but the $40 level that is home to its November three-year lows appears to be keeping losses in check.

SE Aug15

Paysafe Ltd (NYSE:PSFE) is up 21.1% at $14.31 at last glance, after the company's strong second-quarter revenue and full-year forecast. Jumping above recent pressure from its 80-day moving average, the security is trading at its highest levels since May. Year-to-date, the equity is now up 4.7%. 

OPTIMIZERx Corp (NASDAQ:OPRX) is near the bottom of the Nasdaq, down 28% at $9.05 at last check, and trading at fresh three-year lows. The digital health technology concern missed second-quarter revenue estimates, after which two analysts slashed their price targets. Year-to-date, OPRX is down 46.2%. 

 

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