Stocks are mostly flat today
Stocks are struggling for direction this afternoon, as Wall Street unpacks a round of corporate earnings and awaits this week's inflation data. In the meantime, the NFIB Small Business Optimism Index hit its highest level since 2021 in November. At last look, the Dow Jones Industrial Average (DJI) was up 62 points, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) sit flat.
Continue reading for more on today's market, including:
- MongoDB stock brushes off bull notes.
- 2 analysts chiming in on eBay stock.
- Plus, call traders eye LVS; BILI surges amid stimulus; and APP left off SPX.
Options traders are targeting Oracle Corp (NYSE:ORCL), after the tech company's fiscal second quarter earnings and revenue miss and disappointing current-quarter forecast. So far, 145,000 calls and 85,000 puts have crossed the tape, which is 6 times the average daily options volume. The December 170 put is the most popular, with new positions being sold to open. At last glance, ORCL was down 7.5% at $176.07, and dropping below long-term support at the 40-day moving average. Year to date, the equity is up 67%.
Netherlands-based New Amsterdam Pharma Company NV (NASDAQ:NAMS) stock is one of the top stocks on the Nasdaq, up 34.6% at $24.94 at last check, after the biotech name announced its cholesterol drug lowered the risk of major cardiovascular events such as heart attack or stroke in its phase 3 trial. Year to date, NAMS is up roughly 120%.
Elsewhere, Fluence Energy Inc (NASDAQ:FLNC) stock is one of the worst performers on the IXIC, down 9.7% at $16.72, after the electric company announced an offering of $300 million in convertible notes. Now trading at its lowest levels since August, FLNC is down 30% in 2024.