The S&P 500 and Nasdaq are looking to snap five-week win streaks
Stocks are mixed midday, after this morning's core CPE price index data matched the 0.2% estimate on a monthly basis and rose 0.1% higher than the expected 2.8% on an annualized basis. The Dow Jones Industrial Average (DJI) is modestly higher, while the S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) move lower as investors react to today's flood of earnings reports. At this point, all three major benchmarks are headed for weekly losses and monthly gains, with the S&P 500 and Nasdaq looking to snap five-week win streaks.
Continue reading for more on today's market, including:
- 2 retailers in focus after earnings.
- Biotech stock volatile after big-time data update.
- Plus, 3 stocks staging outsized post-earnings moves.
Options traders are targeting Marvell Technology Inc (NASDAQ:MRVL), as the stock slips following its weak full-year forecast and first-quarter revenue miss, though no fewer than five analysts lifted their price targets. So far, 60,000 calls and 72,000 puts have been exchanged, which is already 2.9 times MRVL's average daily options volume. The July 62.50 put is the most popular, with new positions being sold to open there. At last look, the equity was down 11.2% at $68.21.
Semiconductor stock Ambarella Inc (NASDAQ:AMBA) is up 23% at $59.44 at last glance, after better-than-expected first-quarter results and upbeat guidance. Morgan Stanley lifted its price target to $67 from $57, while Wells Fargo lowered its price objective to $55 from $65. Headed for its best day since Sep. 2021, AMBA is still down 3% since the start of the year.
Meanwhile, MongoDB Inc (NASDAQ:MDB) is down 26.3% at $228.57, despite a first-quarter results beat, after the company's weak full-year forecast. No fewer than 13 analysts slashed their price targets after the event, including Mizuho to $250 from $380. Trading at 52-week lows, MDB is down 43.6% year to date.
