Weekly Losses Still in Sight Despite Rebound

The Nasdaq is looking to snap a four-day losing streak

Digital Content Manager
Sep 8, 2023 at 11:48 AM
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The Dow Jones Industrial Average (DJI) is sporting a triple-digit lead this afternoon, while the Nasdaq Composite (IXIC) looks to snap a four-day losing streak amid a tech sector rebound in light of cooling bond yields. The S&P 500 Index (SPX) is higher as well, though all three major benchmarks are still on track for weekly losses. Meanwhile, the Cboe Volatility Index (VIX) is looking to snap a two-week losing streak, despite being down today. 

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

  • Kroger to pay up to $1.2 billion in settlements.
  • Why Mizuho upgraded Adobe stock to "buy."
  • Plus, DOCU options flying off the shelves; SMAR sees post-earnings surge; and KRT sinks on secondary offering.

MMC Stats 0908

Options traders are blasting DocuSign Inc (NASDAQ:DOCU) in the options pits today, with 52,000 calls and 53,000 puts across the tape so far, which is 10 times the intraday average. The weekly 9/15 52-strike put is the most active, with new positions being opened at the 55-strike call in that weekly series. The security is down 4.5% at $49.79 at last check, despite announcing better-than-expected second-quarter results and lifting its yearly revenue outlook. Analysts are chiming in with mixed reactions today, doling out both price-target hikes and cuts. Year-to-date, DocuSign stock is down 10.7%.

Smartsheet Inc (NYSE:SMAR) stock is among the best on the New York Stock Exchange (NYSE), last seen up 10.8% to trade at $44.71. The company yesterday announced a second-quarter earnings and revenue win, and drew seven price-target hikes, including one from Berenberg to $56 from $50. Shares are now back above the 120-day moving average, and trading at their highest level since June. SMAR is up 14.3% this year.

SMAR 120 Day

Meanwhile, Karat Packaging Inc (NASDAQ:KRT) is near the bottom of the Nasdaq, down 18.3% to trade at $20.62 at last glance. This bear gap comes after members of the company's management team sold 1 million shares at $21 in a secondary offering, which is a 16.8% discount to previous sales. The security still sports a 49.3% year-to-date lead, however, and its 60-day moving average looks like it may contain this pullback.

 

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