The Nasdaq, however, is higher this afternoon
Stocks are mixed at midday, as Wall Street looks over a fresh batch of inflation data and corporate earnings reports. According to the Labor Department, the U.S. consumer price index (CPI) rose 0.4% from August to September, and 5.4% year-over-year, both slightly above what economists expected. Meanwhile, earnings are beginning to trickle in, most notably bank names, with JPMorgan Chase (JPM) chiming in with a blowout report earlier today. At last check, the Dow Jones Industrial Average (DJI) is down around 190 points, while the S&P 500 Index (SPX) is also trading in the red; both indexes are heading for their fourth-straight day of losses. The Nasdaq Composite (IXIC), meanwhile, is bucking the broader-market trend, boasting a respectable lead this afternoon.
Continue reading for more on today’s market, including:
- Qualcomm announces a $10 billion buyback program.
- Why this Bitcoin mining stock is on the rise today.
- Plus, bearish traders blast TROX; Oppenheimer upgrades therapeutics giant; and GRWG hits annual lows.
Tronox Holdings PLC (NYSE:TROX) is seeing an uptick in bearish activity this morning, with more than 2,000 puts exchanging hands in the security’s normally quiet options pits. That’s six times what’s typically seen at this point, and four times the amount of calls traded. The most popular contract is the November 20 put, where new positions are being opened. At last check, TROX is down 0.6% to trade at $24.60, though its not clear what’s driving all this negative activity. Tronox stock is two sessions removed from an almost four-year high of $25.99, and the $24 area is still acting as a technical level of support. Year-over-year, TROX is up 176%.
Sitting at the top of the Nasdaq by a gigantic margin today is Jasper Therapeutics Inc (NASDAQ:JSPR), last seen up 132.7% at $16.77. This comes after Oppenheimer initiated coverage with an “outperform” rating and a $21 price target. The surge represents JSPR’s biggest single-day percentage gain ever, and has put the equity back on the positive side of its 2021 breakeven level, now up 46.6% year-to-date.
Meanwhile, near the bottom of the Nasdaq sits GrowGeneration Corp (NASDAQ:GRWG), last seen down 10.7% to trade at $21.22, following the company’s announcement that it terminated its acquisition of HGS. The company went on to revise its third-quarter guidance to reflect the news, predicting revenue to come in under the former consensus. As a result, GRWG is now trading at a new annual low, and its lowest level since November 2020. In fact, GrowGeneration stock now sports a 46.6% year-to-date deficit.