The blue-chip index is up more than 570 points
Stocks are extending this morning’s impressive price action into midday, as investors cheer on a cooler-than-expected consumer price index (CPI) and a core inflation reading that showed a slimmer-than-anticipated rise. The report was good news for the Federal Reserve as well, as cooling inflation trends could inspire the central bank to ease up on its tightening monetary policy. In response, the Dow Jones Industrial Average (DJI) is up over 570 points at the midway mark, while the Nasdaq Composite (IXIC) is up more than 2% on surging tech. Meanwhile, the S&P 500 Index (SPX) is eyeing its highest settlement since early May, with a more than 1% jump.
Continue reading for more on today’s market, including:
- Why 1 analyst is brushing off Coinbase’s dismal earnings.
- Inflationary pressures weighed heavily on this fast food chain.
- Plus, PLUG targeted by analysts, options players; CLWT surges after special dividend announcement; and RDBX nears record lows on new merger.
Options traders are targeting alternative energy name Plug Power Inc (NASDAQ:PLUG) this afternoon, following the company’s earnings report. While PLUG posted a top- and bottom-line miss for its second-quarter, the recent climate bill drove no less than five analysts to lift their price targets. So far, 112,000 calls and 47,000 puts have crossed the tape, which is triple the intraday average. The most popular position is the weekly 8/12 30-strike call, with positions being opened here, followed by the September 20 call. PLUG was last seen up 12.2% at $27.68, with the stock eyeing its highest settlement since mid-April.
Euro Tech Holdings Company Ltd (NASDAQ:CLWT) is one of the top performers on the Nasdaq today, last seen up 41% at $2.05, following news that the firm declared a special cash dividend of roughly 6 cents per ordinary share. The equity earlier hit its highest level since July 2021, and is eyeing its first close atop the 320-day moving average in over eight months. Year-over-year, however, CLWT is still down over 11%.
Redbox Entertainment Inc (NASDAQ:RDBX), on the other hand, is one of the worst stocks on the Nasdaq today. Last seen down 39.4% at $2.13, RDBX is crumbling on news that its stockholders approved its merger with Chicken Soup for the Soul Entertainment (CSSE). The agreement was first announced in May 2022, and stockholders will receive a fixed exchange ratio of 0.087 of a share of CSSE for every Redbox share. Redbox stock came back within striking distance of its Feb. 24 record low of $1.61 earlier in the session, and now suffers a 71.8% year-to-date deficit.