Stocks Firmly Higher Despite Lackluster Jobless Data
The Dow Jones Industrial Average (DJI) is up 295 points this afternoon, while both the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are sporting sizable midday gains of their own. The energy sector is enjoying tailwinds from a rebound in oil prices, while Samsung's strong memory chip sales is boosting the semiconductor sector. Traders are digesting higher-than-expected weekly jobless claims data, as well as U.S. trade deficit numbers for May, which came in at $85.5 billion.
Nikola Corp (NYSE: NKLA) is seeing an unusual amount of bullish options activity today, with 85,000 calls exchanged so far, or 12 times the intraday average, compared to just 503 puts. Most popular is the July 5.50 call, followed by the weekly 7/22 5.50-strike call, with positions being opened at the latter. While it's unclear what's driving this penchant for calls, the security is up 1.9% to trade at $5.28 at last check, as it bounces off a July 5, all-time low $4.41. Year-over-year, the electric vehicle (EV) name carries a 65.2% deficit.
The best performing on the Nasdaq today by a long shot is United Maritime Ord Shs (Nasdaq: USEA). The Wall Street newbie is up 184.6% at $8.14 at last check, after yesterday completing a spinoff from Seanergy Maritime (SHIP) to begin trading publicly at 80 cents per share. Earlier today, the shares surged to an all-time high of $8.88.
Meanwhile, USANA Health Sciences, Inc. (NYSE: USNA) is one of the worst stocks on the New York stock Exchange (NYSE), last seen down 16% to trade at $64.28. Jefferies downgraded the equity to "underperform" from "hold," and lowered its price target to $53 from $78 after the company slashed its 2022 and second-quarter forecasts. Though the security yesterday closed above the 80-day moving average for the first time since mid-January, the shares are now back below this trendline, and earlier hit a two-year low of $63.49. Year-to-date, USNA is down 36.8%.
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