This week's global market selloff is still weighing heavy
The Dow Jones Industrial Average (DJI), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) are attempting to pare this morning's losses as they move into positive territory for the afternoon. These midday gains aren't enough to set the major indexes on track for weekly gains, however, with the global market selloff still weighing heavy despite yesterday's pop. The Cboe Volatility Index (VIX) is also eyeing a weekly loss, despite skyrocketing at the beginning of the week.
Continue reading for more on today's market, including:
- Video game stock brushes off revenue miss.
- Sweetgreen stock stages big post-earnings move.
- Plus, e.l.f. Beauty's lackluster forecast; DOCS upgraded; and what's hurting PODD.
E.l.f Beauty Inc (NYSE:ELF) stock is getting blasted in the options pits, with 11,000 calls and 12,000 puts traded so far today, seven times the intraday average volume. Expiring today, the most active contract is the weekly 8/9 160-strike put, where new are positions being opened. ELF is down 15.9% to trade at $158.05 at last glance, brushing off better-than-expected fiscal first-quarter results after the makeup giant's annual and sales and profit forecast missed estimates. The equity is still up 9.5% in 2024, with familiar support at the $155 level ready to contain any additional losses.
Doximity Inc (NYSE:DOCS) is one of the best stocks on the New York Stock Exchange (NYSE) today, up 34% to trade at $34.39 at last glance, after the digital health company earlier reported a fiscal first-quarter earnings beat and lifted its full-year revenue outlook. Needham upgraded shares to "buy" from "hold," and no fewer than seven analysts raised their price objectives. DOCS is up 22.2% so far this year, and notched a fresh 52-week high of $35.57 right out of the gate.
Meanwhile, Insulet Corp (NASDAQ:PODD) is one of the worst stocks on the Nasdaq today, last seen down 6.8% to trade at $186.30, as the medical device name's second-quarter profit miss overshadows its revenue beat. PODD is trading at its lowest level since June, as it continues to pull back from a rally that fell short of the $210 level. Share are pacing for their first close below the 80-day moving average since late May, and carry a 20.8% year-over-year deficit.
