Encouraging producer price index (PPI) data is lifting sentiment
Stocks are mixed at midday as investors weigh cooler-than-expected inflation data. The tech-heavy Nasdaq Composite Index (IXIC) is up triple digits, while the S&P 500 Index (SPX) is modestly higher after hitting an intraday record high. The Dow Jones Industrial Average (DJI), meanwhile, has slipped into the red as Cisco Systems (CSCO) tumbles roughly 9% after earnings. Oil prices are lower as traders weigh weaker demand and ongoing U.S.-Iran tensions, with West Texas Intermediate crude down 1.1% at $81.36 per barrel at last check.
Continue reading for more on today's market, including:
- AI chipmaker cuts rally short with a sharp drop.
- Birkenstock stock pops after mixed results and an upbeat forecast.
- Plus, bulls swarm CSCO; SMCI's upbeat outlook; and STUB breaks even.
Cisco Systems Inc (NASDAQ:CSCO) is drawing plenty of attention in the options pits. As mentioned above, the stock is down 9.4% to trade at $112.28, despite the company posting better-than-expected earnings and revenue and issuing strong guidance. So far, 131,000 calls have been traded, nine times the intraday average amount. Most popular are the weekly 8/14 115- and 124-strike calls, with positions being sold to open at both.
Extending last session's post-earnings surge, Super Micro Computer Inc (NASDAQ:SMCI) is one of the top performing names on the Nasdaq today, last seen up 11.3% at $41.86. The shares are extending their rebound off late-April lows, up 42% year to date.
StubHub Holdings Inc (NYSE:STUB) is one of the worst performers on the New York Stock Exchange (NYSE), down 14.3% to trade at $7.31. The ticketing marketplace posted a quarterly loss, even as revenue set a record at $573.1 million, up 33% year-over-year on FIFA World Cup-fueled demand. Year-to-date, the shares are down 45.8%