Today's PPI reading was hotter than investors were hoping
Another hotter-than-expected inflation reading has stocks seeking direction this afternoon. Treasury yields are rising in response to producer price index (PPI) data, with the 10-year note up 9 basis points at last look. As for the major benchmarks, the Dow Jones Industrial Average (DJI) is down 57 points, while the S&P 500 Index (SPX) is slipping lower, and the Nasdaq Composite (IXIC) is just above breakeven.
Continue reading for more on today's market, including:
- Under Armour's former CEO is making a comeback.
- Wall Street newbie scores lofty bull note.
- Plus, Lennar's earnings; Turtle Beach's acquisition; and Pagaya Technologies' share offering.
Lennar Corp (NYSE:LEN) is seeing unusually high options activity, with 10,000 calls and 8,094 puts traded so far, five times the average intraday volume. While bulls and bears are playing tug of war, the most active contract is the March 155 put that expires at the end of tomorrow's session. Lennar stock was last seen 4.6% lower at $157.98, on track for its worst daily drop since January, after the homebuilder reported lower-than-expected revenue for the fiscal first quarter. Year to date, LEN is still up 5.8%.
Fighting for the top spot on the Nasdaq today is Turtle Beach Corp (NASDAQ:HEAR), which was last seen 27.4% higher at $14.05. The company just reported fourth-quarter financial results, which included an upbeat forecast and plans to buy Performance Designed Products for $118 million in cash and stock. On the charts, HEAR is trading at levels not seen since June 2022, and now boasts a 75.3% year-over-year lead.
Shares of fintech firm Pagaya Technologies Ltd (NYSE:PGY) are trading near the bottom of the Nasdaq. PGY is down 21.8% at $12.13 at last glance after the company offered 7.5 million Class A shares at $12.70. The equity is trading at an all-time low following the news, and is now down more than 46% over the last six months.