Stocks Struggle For Direction After PPI Data

This morning brought yet another hot inflation reading

Deputy Editor
Feb 16, 2024 at 12:04 PM
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Stocks are hesitant today after another hotter-than-expected inflation report, with the major benchmarks on track for an unsteady end to a volatile week. The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are both modestly lower at last check, while the S&P 500 Index (SPX) oscillates above and below fair value. Bond yields surged after the PPI data, with the 2-year Treasury yield marking its highest level since December.  

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

  • Roku stock crumbling after earnings
  • Trade Desk stock headed for best day in a year. 
  • Plus, options traders target DKNG; and 2 stocks swinging opposite directions after earnings. 

MMC Febr16

Options traders are targeting DraftKings Inc (NASDAQ:DKNG) today, with 179,000 calls and 82,000 puts exchanged so far -- already 2.3 times the options volume seen on a daily basis. Expiring today, the February 45 call is the most popular, with new positions opening there. The sports betting name posted mixed fourth-quarter results and agreed to acquire Jackpot for $750 million, after which no fewer than five analysts lifted their price targets. At last glance, DKNG was up 1% at $44.89, or two-year highs. 

DKNG Feb16

Backblaze Inc (NASDAQ:BLZE) is one of the top performers on the Nasdaq today, after the cloud name's strong 2024 forecast following better-than-expected fourth-quarter revenue but an earnings miss. A few analysts lifted their price targets after the event, too. At last glance, BLZE was up 33.5% at $10.87, and trading at 22-month highs. Since the start of the year, the equity is up 41.5%. 

Conversely, the New York Stock Exchange's Bloom Energy Inc (NYSE:BE) is plummeting after the company's disappointing revenue forecast and the departure of CFO Greg Cameron. To follow, J.P. Morgan Securities downgraded the stock to "neutral" from "overweight," while Keybanc slashed its rating to "sector weight" from "overweight," while several other analysts chimed in with price-target cuts. At last check, BE was down 23.4% at $9.17, headed for its seventh week of losses in the last eight. 


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