Manufacturing, Jobs Data Pressuring Stocks
The Dow Jones Industrial Average (DJI) is flat this afternoon, while the S&P 500 (SPX) and Nasdaq Composite (IXIC) are lower, amid another batch of earnings reports. Wall Street is also unpacking June's job openings, which hit their lowest level since April 2021, as well as a ninth-straight monthly contraction of the Institute for Supply Management (ISM) manufacturing purchasing managers' index (PMI).
Norwegian Cruise Line Holdings Ltd (NYSE: NCLH) is seeing unusual options activity today, with 54,000 calls and 31,000 puts exchanged so far -- triple the intraday average amount. The weekly 8/4 20.50-strike call is the most popular contract, with new positions opening there. The cruise company earlier reported better-than-expected second-quarter earnings and revenue, but issued a dismal current-quarter forecast that pushed the shares down 16.5% at $18.43 at last check. The stock is today breaking below its 40-day moving average, but is up 53.3% year-to-date.
Arista Networks Inc (NYSE: ANET) is one of the best stocks on the New York Stock Exchange, last seen up 17.6% to trade at $182.38. The company yesterday reported earnings and revenue that surpassed analysts' estimates, and has since attracted no fewer than 10 price-target hikes, including one from Wells Fargo to $225 from $200. ANET is up 49.7% so far in 2023.
ZoomInfo Technologies Inc (Nasdaq: ZI) is towards the bottom of the Nasdaq today. The equity is down 25.8% at $18.98 at last glance, after the company shared a second-quarter revenue miss, as well as a lackluster third-quarter and 2033 revenue outlook. At least 14 analysts slashed their price targets, with RBC cutting its objective to $22 from $28. ZI earlier hit a record low of $18.82, and is down 50.1% year-over-year.
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