The indexes are mixed and moving hesitantly
Stocks are struggling for direction at midday, after this morning's hotter-than-expected PPI reading and initial jobless claims that rose to a two-month high of 242,000. The Dow Jones Industrial Average (DJI) has reversed its premarket losses, up a modest 18 points at last look. Though the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have pared some losses, both still sit in the red, as tech stocks weigh. Specifically, Adobe's (ADBE) sharp post-earnings drop has investor attention.
Continue reading for more on today's market, including:
- Defense stock slides on analyst downgrade.
- Celsius stock rises on bull note.
- Plus, call traders eye WBD split; CIEN staging massive rebound; and NDSN drops after earnings.
Warner Bros Discovery Inc (NASDAQ:WBD) stockis up 13.9% at $12.32 at last glance, after the company announced plans to split into two business units in 2025, and options bulls are chiming in. So far, 110,000 calls have been exchanged, compared to just 22,000 puts, with overall options volume already at 8 times the average daily amount. The January 2025 12.50-strike call is the most popular by far.
Ciena Corp (NYSE:CIEN) stockreversed its premarket losses to gap higher, up 15.4% at $84.46 at last check. Though the company's fiscal fourth-quarter earnings missed estimates, the software name posted better-than-expected revenue and issued upbeat guidance. Now trading at 22-year highs, the equity is up 86.6% year to date.
Elsewhere, shares of Nordson Corp (NASDAQ:NDSN) are down 7.9% at $229.84, after the company's mixed fiscal fourth-quarter report and disappointing current-quarter and full-year forecasts. Now trading at its lowest levels since early July, NDSN is down 13.1% in 2024.