Stocks Flat as Market Heads for Winning Week

The Dow is on track for its fifth-straight weekly gain

Deputy Editor
May 17, 2024 at 12:03 PM
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Stocks are fairly quiet today, with all three major benchmarks near breakeven after yesterday's record highs, but now in positive territory for the second quarter. The Dow Jones Industrial Average (DJI) is on track for its fifth-straight positive week, while the S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) eye their fourth consecutive weekly gains. 

Meanwhile, the leading economic index dropped 0.6% in April, which is wider than analysts' anticipated 0.3% fall. This points to headwinds ahead, according to the Conference Board. Still, bond yields are holding steady despite the troubling data. 

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

MMC May17

Options traders are targeting semiconductor staple Applied Materials Inc (NASDAQ:AMAT), following the company's strong fiscal second-quarter results, but disappointing fiscal third-quarter revenue forecast, after which 10 analysts raised their price objectives. So far, 38,000 calls and 28,000 puts have been exchanged, which is five times the options volume typically seen at this point. The May 215 put is the most popular contract, where new positions are being opened. In a volatile day of trading, AMAT earlier jumped to a record high of $219.36, but is now down 0.2% at $213.69. 

AMAT May17

Doximity Inc (NYSE:DOCS) stock is up 18.3% at $28.07 at last glance, after the company's better-than-expected fiscal fourth-quarter results. A few analysts chimed in with modest price-target adjustments, while Needham reaffirmed its "hold" rating. Before today's pop, the security had been on a downtrend since mid-February. DOCS is down 16.1% in the last 12 months.

Meanwhile, the shares of Cracker Barrel Old Country Store Inc (NASDAQ:CBRL) are hitting 12-year lows after the company slashed its dividend by 80% to fund its "restaurant overhaul." Plus, no fewer than three analysts slashed their price targets. At last check, CBRL was down 15.6% at $48.34, and sporting a 37.2% year-to-date deficit. 

 

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