Stocks are lower across the board, reversing this morning's gains as the chip rally fizzles. The Nasdaq Composite Index (IXIC) is down a whopping 504 points, while the S&P 500 Index (SPX) and Dow Jones Industrial Average (DJI) sit firmly in the red as well. Meanwhile, West Texas Intermediate (WTI) crude is down 4.5%, after U.S. Energy Secretary Chris Wright said tanker traffic through the Strait of Hormuz is "rising very meaningfully," as President Trump continues negotiations with Iran.
Call traders are targeting Crocs Inc (CROX) today, after an upgrade from Baird to "outperform" from "neutral," with a price-target hike to $150 from $115. CROX has seen nine times its intraday average in call volume, with the most activity at the June 140 call, where new positions are being sold-to-open. The equity was last seen up 6% at $127.92, earlier tapping its highest mark since October 2024.
Pacing the top of the New York Stock Exchange's (NYSE) this afternoon is Oil-Dri Corporation of America (ODC), up 12.9% to trade at record highs near $95, after the company's record fiscal third-quarter revenue and earnings growth. Year to date, the equity is up 93.2%.
Aerospace and defense stock Redwire Corp (RDW) is down 11.4% at $16.44, after the company entered into an equity distribution agreement allowing it to sell up to $500 million in common stock offerings. Though sliding further from its late-May 52-week peak, the shares are still up 106% year to date.
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