The Dow is heading toward its first win of the second quarter
The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are maintaining their triple-digit leads this afternoon. The former is looking to snap a three-day losing streak and secure its first win of the second quarter, while the latter is getting a boost from large cap tech stocks, especially as the 10-year Treasury yield takes a breather. The S&P 500 Index (SPX) is firmly higher as well, with investors unpacking jobs data and a trade deficit update.
Continue reading for more on today's market, including:
- E-commerce stock higher after bullish note.
- Analyst: Block stock has limited opportunities.
- Plus, cannabis stock enjoying tailwinds; ZETA upgraded; and Lamb Weston's dismal quarterly results.
Options traders are blasting Aurora Cannabis Inc (NASDAQ:ACB) today, with 56,000 calls and 20,000 puts across the tape so far, volume that is 11 times the intraday average. The weekly 4/5 9-strike call, where positions are currently being bought to open, is most popular. The Canadian-based company is enjoying tailwinds amid the potential for lower excise taxes, as well as the legalization of cannabis in Germany. The shares are up 9% to trade at $7.86, and sport a 69.2% year-to-date lead.
Zeta Global Holdings Corp(NYSE:ZETA) is towards the top of the New York Stock Exchange (NYSE) today, up 17.3% to trade at $12.35 at last check. The security earlier attracted an upgrade from Morgan Stanley to "overweight" from "equal weight," as well as a price-target hike to $17 from $12. The shares earlier hit a 52-week high of $12.30, after bouncing off the 40-day moving average. So far in 2024, ZETA is up over 39%.
Meanwhile, Lamb Weston Holdings Inc (NYSE:LW) is the worst stock on the NYSE, last seen down 17.8% at $83.17. The equity gapped to their lowest level since October earlier in the session after the food processing company whiffed on third-quarter earnings and revenue expectations while issuing a downbeat annual forecast. On track for its fourth-straight loss and worst day since March 2020, LAW shed more than 26% in the last nine months.