Dow Reverses Gains, Looks to Extend Slump

The Nasdaq is holding on to a midday gain

Deputy Editor
Aug 21, 2023 at 12:04 PM
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Fresh off its worst week since March, the Dow Jones Industrial Average (DJI) has reversed its premarket gains, down 172 points at last check. The S&P 500 Index (SPX) is flat midday, while the Nasdaq Composite (IXIC) is holding on to a modest gain, though the 10-year Treasury yield surged to its highest level since 2007. Meanwhile, investors are gearing up for a big week of retail earnings

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

  • Is Meta Platforms' Threads getting a web version? 
  • Zoom Video set to report earnings later today
  • Plus, options traders blast JNJ; ESTE jumps on buyout; and NSSC sinks after accounting error. 

MMC Aug21

Johnson & Johnson (NYSE:JNJ) is one of the most popular stocks in the options pits today, following news that the pharmaceutical name will retain about 9.5% stake in its consumer health spinoff, Kenvue (KVUE). So far, 343,000 calls and 321,000 puts have been traded, or five times the average daily options volume. Most popular by far are the September 210 call and 210 put. At last check, JNJ was down 3% at $167.35, but its 200-day moving average still lingers below as potential support. Year-to-date, the security is down 4.6%. 

JNJ Aug21

Earthstone Energy Inc (NYSE:ESTE) is up 13.6% at $18.44 at last glance, following news that Permian Resources (PR) will acquire the company is an all-stock deal valued at roughly $4.5 billion, including debt. Trading at fresh 52-week highs, ESTE is up 30.8% year-to-date. 

NAPCO Security Technologies Inc (NASDAQ:NSSC) is down 40.7% at $22.76 at last check, after the company disclosed an accounting error in its first three fiscal quarters of 2023. Needham and Craig-Hallum lowered their price targets after the update. Trading at its lowest levels in a little over a year, NSSC is on the short sell restricted (SSR) list today, down 17.3% year-to-date. 

 

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