Wall Street is taking a wait-and-see approach
Stocks are cautiously higher midday, with most of Wall Street taking a wait-and-see approach ahead of inflation data Thursday and bank earnings Friday. The Dow Jones Industrial (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) are all comfortably in the black, while the Cboe Volatility Index (VIX) looks to snap a three-day losing streak. In other news, U.S. wholesale inventories fell 0.2% for November.
Continue reading for more on today's market, including:
- Homebuilding stock making waves today.
- Analyst downgrade dings e-tail stock.
- Plus, bulls blitz red-hot chip stock; ISRG near highs; and more WBA bear notes.
Call traders are all over Arm Holdings PLC (NASDAQ:ARM) stock today. At last check, 19,000 calls have already exchanged hands today, volume that is more than double the average intraday amount and pacing for the 92nd percentile of its 12-month range. The January 72.50 call is the most active contract, with new positions being bought to open. The chip stock -- last seen down 1.9% at $70.50 -- is up 52% off its Oct. 23 low of $46.50.
Intuitive Surgical, Inc. (NASDAQ:ISRG) stock is near the top of the SPX today, last seen 6.1% higher at $350.84. The surgical robot company reported preliminary fourth-quarter revenue that exceeded estimates, prompting two price-target hikes to $380 and $350 from RBC and Jefferies, respectively. ISRG is now up 28.9% year-over-year, but is running out of steam at its July 19 annual high of $358.07.
Walgreens Boots Alliance Inc (NASDAQ:WBA) is near the bottom of the SPX, last seen off by 2.9% to trade at $24.62. The pharmacy stock received a price-target cut from Jefferies to $22.50 today, and yesterday J.P. Morgan Securities downgraded the company's credit to "underweight." WBA is down 32.9% in the last 12 months.