Stocks Edge Higher Amid Manufacturing Data

Retail sales data is due out tomorrow

Deputy Editor
Jun 17, 2024 at 11:58 AM
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Stocks are slightly higher to start the holiday-shortened week, as they attempt to build off last week's record highs. Investors are sifting through the Empire State Manufacturing Index, as they await the release of retail sales data tomorrow. The Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite Index (IXIC) are all above breakeven this afternoon.

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

  • Analyst sings retail stock's praises.
  • Activist investor calls for Autodesk changes.
  • Plus, a pre-earnings look at LEN; more records for AVGO; and AMCX eyes worst day ever.

Midday Market Stats June 172024

Homebuilder Lennar Corp (NYSE:LEN) is preparing for its second-quarter earnings report, due out after the market closes today. Options traders are targeting LEN ahead of the event, with 6,232 calls and 7,467 puts traded so far, which is five times the average intraday volume. The most activity is taking place at the June 140 put, followed by the 150 put in the same monthly series. Last seen down 0.2% to trade at $154.84, Lennar stock is getting support from its 160-day moving average, and remains up 28.7% over the last 12 months. 

LEN Chart June 172024

Broadcom Inc (NASDAQ:AVGO) is outperforming today, last seen 3.5% higher to trade at $1,796.38, after earlier notching a fresh record high of $1,820.91. The stock has been in rally mode since a fiscal second-quarter earnings beat and 10-for-1 stock split news. Now up 35.8% for this quarter, Broadcom stock also boasts a 107.2% year-over-year lead.

AMC Networks Inc (NASDAQ:AMCX) was last seen 32.1% lower to trade at $10.67, pacing for its worst single-day percentage drop on record. This bear gap comes after the cable TV network announced a private offering of $125 million in convertible senior notes. AMCX is firmly below its year-over-year breakeven mark, and carries a 43.4% year-to-date deficit.

 

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