Major Indexes Falter As Rocky Year Wraps Up

Stocks are struggling to build on their morning gains as investors began to waver on the possibility of a "Santa rally" for the final trading week of 2022. Recession anxieties still loom large, overshadowing news of China's easing Covid restrictions. Meanwhile, Tesla (TSLA) is weighing on the tech sector, following news of an extended production pause. In response, the Dow Jones Industrial Average (DJI) was last seen up 78 points, while the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) are sinking deeper into the red. 

mmc stats dec 27

Luminar Technologies Inc (Nasdaq: LAZRis seeing a huge surge in bearish options activity today. So far, 101,000 puts have exchanged hands, which is 19 times the intraday average. The weekly 12/30 5-strike put and the January 2023 5-strike put are by far the two most popular positions, with positions being opened at both. LAZR was last seen down 5.8% at $5.35, coming dangerously close to its Dec. 22 record low of $5.20. 

Kalvista Pharmaceuticals Inc (Nasdaq: KALV) is one of the best stocks on the Nasdaq today. The company just announced it has entered into a subscription agreement with institutional investors to sell an aggregate of 9,484 shares of common stock at $6 per share for roughly $58 million. At last check, KALV is up 18.8% to trade at $6.08. The stock is set to close above its 60-day moving average for the first time since its early October bear gap, which occurred after the company terminated its angioedema drug trial.

kalv dec 27

Meanwhile, Miromatrix Medical Inc (Nasdaq: MIROis one of the worst stocks on the Nasdaq today, last seen down 15.3% at $2.21. While a driver for the negative price action isn't immediately clear, the stock is trading back at its lowest level since its previous record lows in mid-March. Year-to-date, MIRO is down 52.9%. Plus, the equity is set to log its worst month on record, with a more than 47% December deficit. 


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