Dow's Premarket Bounce Once Again Short-Lived

Investors are unpacking a flood of retail earnings

Deputy Editor
Aug 22, 2023 at 11:58 AM
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The Dow Jones Industrial Average (DJI) is reversing its premarket gains for the second day in a row, now down triple digits and headed for its fifth loss in the last six days. The S&P 500 Index (SPX) is flat at midday, while the Nasdaq Composite (IXIC) looks to extend yesterday's solid win. Investors are still unpacking a flood of retail earnings, as well as existing home sales, which fell 2.2% from June, compared to estimates of a 0.2% drop. 

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

  • Tesla stock added to Baird's "Best Ideas" list. 
  • Home improvement name beats expectations.
  • Plus, ZM sees options barrage; FULC soars on FDA update; and retail stock hits 2023 low. 

MMC Aug22

Zoom Video Communications Inc (NASDAQ:ZM) is one of the most popular stocks amongst options traders today, with 58,000 calls and 48,000 puts across the tape so far -- six times the average daily options volume. The September 60 put is most popular, with positions being opened there. Though the company had a better-than-expected second-quarter and raised its annual forecast, ZM was last seen down 1.5% to trade at $66.24, as analysts note headwinds. No fewer than three firms chimed in with price-target cuts, and one a price-target hike. Year-over-year, the stock is down 32.3%.

Fulcrum Therapeutics Inc (NASDAQ:FULC) is one of the top movers on the Nasdaq today, up 54.9% at $6.07 at last glance, after the U.S. Food and Drug Administration (FDA) lifted its clinical hold on the biotech name's application for its sickle cell disease treatment. Jumping to its highest level since March, FULC remains down 17.9% year-to-date. 

Dick's Sporting Goods Inc (NYSE:DKS) is down 23.9% at $111.90 at last check, after the retailer's disappointing annual profit forecast and worse-than-expected second-quarter results. Plummeting to its lowest levels since December and below its 320-day moving average, DKS is down roughly 7% since the start of 2023. 

DKS Aug22

 

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