Stocks -- and oil prices -- are on the rise today
The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are comfortably higher midday, looking to extend their win streaks for an eighth-straight session. The S&P 500 Index (SPX) is also firmly above breakeven, and on track for its seventh gain over the last eight sessions. Energy stocks are leading today's charge, as oil prices rise after BP (BP) paused tanker shipments through the Red Sea due to Houthi attacks.
- Buyout pushes steel stock to 12-year highs.
- Sunnova stock falls despite sector tailwinds.
- Plus, another struggling solar stock; CZOO bounces off record lows; and DOOR sinks after acquisition.
SunPower Corp(NASDAQ:SPWR) stock is gapping into penny stock territory today, last seen down 33.4% to trade at $4.09, after the company raised doubts about its ability to continue as an ongoing concern. Options traders are chiming in, with 38,000 calls and 37,000 puts exchanged so far, volume that is 17 times the intraday average amount. The most active contract is the 12/22 6.50-strike call, where positions are being bought to open. SPWR is down more than 76% so far this year and on track for its worst day since November 2008.
Car retailer Cazoo Group Ltd (NYSE:CZOO) is among the New York Stock Exchange's (NYSE) top performers today, up 11.6% to trade at $13.56 at last check, and bouncing off record lows from the previous session. The catalyst behind today's pop is still unclear, and has done little to assuage the security's 95.7% year-to-date deficit.
Masonite International Corp (NYSE:DOOR) stock was down 14.6% to trade at $87.28 at last check, after the company announced its acquisition of building materials manufacturer PGT Innovations (PGTI) in a cash-and-stock transaction with a total value of $3 billion. DOOR is on track for its worst day since March 2020, but still sports a 9.7% year-to-date lead, with the 40-day moving average primed to contain this pullback.
