Stocks are mixed midday, as investors assess their artificial intelligence (AI) holdings and unpack fresh home sales data. According to the Commerce Department, home sales fell in May to 619,000 -- down 11.3% from April's revision higher -- while the median sales prices edged lower as well.
At last glance, the tech-heavy Nasdaq Composite Index (IXIC) is slightly higher, the S&P 500 Index (SPX) is lower, and the Dow Jones Industrial Average (DJI) is down nearly 100 points.
General Mills Inc (NYSE: GIS) is seeing increased options activity after the company reported fiscal fourth-quarter results. While General Mills' earnings beat expectations, revenue missed the mark, sending shares 4.7% lower to trade at $64.11 at last glance. So far, 5.098 calls and 7,542 puts have crossed the tape, which is eight times the intraday average volume. The most activity is taking place at the weekly 6/28 67-strike put. Over the last 12 months, General Mills stock has shed 20.5%, and it's now trading below its year-to-date breakeven mark.
FedEx Corp (NYSE: FDX) is one of the best-performing stocks today, up 14.4% to trade at $293.33 at last glance after the shipping company's fiscal fourth-quarter earnings and revenue beat Wall Street's estimates. The firm also issued an upbeat annual profit forecast. FDX earlier surged to nearly three-year highs and sports a 14.6% lead for 2024.
Biotech concern Moderna Inc (Nasdaq: MRNA) is underperforming today, after announcing its respiratory syncytial virus (RSV) shot mRESVIA showed 50% efficacy after 18 months. The stock is closing in on its year-over-year breakeven level, last seen down 5% at $130.70. On the charts, MRNA earlier gapped to its lowest level since May.
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