Stocks are extending their morning losses into midday, with the Dow Jones Industrial Average (DJI) last seen down 226 points and set to snap its five-day win streak. The S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) are both deep in the red, with weakness in tech putting pressure on the latter, and the former struggling with its 200-day moving average. Today's tepid retail sales data is also weighing on stocks, while investors are also assessing Target's (TGT) quarterly profit miss.
Cano Health Inc (NYSE: CANO) is seeing a pop in its options pits today, with 20,000 calls exchanged so far, which is 15 times the intraday average, compared to 1,043 puts. The most popular contract is the August 5 call, followed by the September 5 call, with positions being bought to open at both. CANO is up 8.3% at $5.08 this afternoon amid rumors that the firm could spark the interest of Amazon.com (AMZN), following news of last month's takeover of one Medical (ONEM) for $3.9 billion. The stock has been trading in a channel between the $4.53 and $5.20 levels for the past six sessions and is down 42.9% this year.
One of the best stocks on the Nasdaq today is Blue Water Vaccines Inc (Nasdaq: BWV). The stock was last seen up 56.15 at $3.97 after the company announced plans to develop a monkeypox shot. BWV is eyeing its first close above the 80-day moving average since its formation in June and now boasts a 134.7% one-month pop.
On the other hand, Scienjoy Holding Corp (Nasdaq: SJ) is one of the worst performing stocks on the Nasdaq, last seen down 23.3% at $3.36. While the reason for the drop is unclear, the China-based software stock is trading back at its lowest level sin over a month after a multi-week consolidation period below the 200-day moving average. Year-to-date, the stock has lost 42.6%.
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