All three major indexes are moderately in the red
Stocks are cautiously lower after paring earlier losses. Investors are musing over the "Santa Claus rally," which occurs in the last five trading days of the year and the first two in January, as all three major indexes are still in the black for the week, and unpacking this morning's economic data. Although jobless claims came in slightly lower than expected for last week, continuing claims hit their highest level since November 2021.
Continue reading for more on today's market, including:
- Uber's latest acquisition venture blocked by Taiwan's FTC.
- Crypto is being weighed down by Bitcoin today.
- Plus, call traders eye POET; KULR soars; and CREV pulls back from explosive gains.
Options bulls are targeting semiconductor name Poet Technologies Inc (NASDAQ:POET), as the stock soars to two-year highs. So far, 54,000 calls have been exchanged -- 9 times the call volume typically seen at this point -- in comparison to 3,150 puts. The January 2025 8-strike call is the most popular, followed by the weekly 12/27 7-strike call, with new positions being sold to open at both. At last glance, POET was up 22.9% at $7.08.
KULR Technology Group Inc (NYSE:KULR) is soaring today, after the space technology company purchased $21 million worth of Bitcoin (BTC) as part of its Bitcoin Treasury strategy. Up 38.6% at $4.74 at last glance, the stock is hanging out just below its July 23, 2018 record high of $5.00. Since the start of December alone, KULR is up roughly 300%.
Chemical stock Carbon Revolution PLC (NASDAQ:CREV) is down 17% at $7.59 today, pulling back from last session's 135.5% pop. The shares soared this week after the company secured a $25 million financing agreement with Orion Infrastructure Capital (OIC) and existing lenders, and is today on the short sell restricted (SSR) list amid the volatility.