Investors are still eyeing the Fed’s Beige Book, though
Stocks are charging higher this afternoon, though investors are still awaiting the release of the Federal Reserve’s Beige Book. While rumors that the central bank might introduce a 0.75 percentage point rate hike in September weighed earlier, the Dow Jones Industrial Average (DJI) was last seen up 249 points. Both the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also firmly higher, as the latter looks to snap a seven-day losing streak. Elsewhere, oil prices have fallen to their lowest level since January, with West Texas Intermediate (WTI) crude hitting $82.93 a barrel.
Continue reading for more on today’s market, including:
- Pinterest stock upgraded on new CEO buzz.
- Analyst: EV stock could add over 45%.
- Plus, option traders load up on Shell stock; late-stage trial data props up GKOS; and software name bottoms out.
Options traders are blasting Shell PLC (NYSE:SHEL) today, with 21,000 calls and 10,000 puts across the tape so far, volume that’s18 times what is typically seen at this point. The most popular is the December 55 call, followed by the 45 put in that standard series, with positions being opened at both. The energy company is down 1.3% at $52.12 at last check, after putting its portion of Netherlands-based natural gas venture NAM for sale, amid expectations of higher energy costs in light of tensions with Russia. SHEL is testing a new floor at the $2,240 level, and has added 39.4% so far in 2022.
Glaukos Corp (NYSE:GKOS) is towards the top of the New York Stock Exchange (NYSE) today. The stock was last seen up 16.2% at $55.89, after encouraging data from two late-stage trials of drug delivering eye implant iDose TR, with the device also showing a favorable safety profile. The company said it will now move forward with its application for Federal Drug Administration (FDA) approval, which is expected in late 2023. GKOS earlier surged to its highest level since April, after the 80-day moving average captures its latest pullback.
Among the Nasdaq’s worst performers today is UiPath Inc(NYSE:PATH), last seen down 15.5% to trade at $13.18. This bear gap came after the software concern cut its fiscal-year revenue forecast due to foreign exchange challenges and macroeconomic concerns. Though the company also posted narrower-than-expected second-quarter losses and a revenue beat, the brokerage bunch has moved in with bear notes. No fewer than 16 analysts issued price-target cuts, while both Mizuho and Canaccord Genuity downgraded PATH to “neutral” and “hold,” respectively. The equity earlier slipped to an all-time low of $12.20, and is carries a 67% year-to-date deficit.