Stocks Stumble, Weekly Wins Still In Sight

Stocks are lower midday, paring solid gains from the morning. Despite stumbling into the weekend, all three major indexes are heading toward comfy weekly wins. The Nasdaq Composite Index (IXIC) is pacing for a fourth-straight weekly win, while the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are on track for solid five-day gains. Elsewhere, the Cboe Volatility Index (VIX) is heading for its eighth weekly loss in nine.

Midday Market Stats 2 May 192023

Earlier touching a nearly seven-year high, ImmunoGen, Inc. (Nasdaq: IMGN) is seeing an increase in options activity this morning. Already, 7,401 calls have crossed the tape, volume that's four times the intraday average amount, with the June 15 call standing as the most popular contract. Though there's no clear catalyst for today's pop, IMGN was last seen 4.8% higher at $14.40, up nearly 190% in 2023. 

Catalent Inc (Nasdaq: CTLTis up 15.6% at $37.16 at last glance, despite the contract drug manufacturer cutting its full-year sales and earning outlook. Still, CTLT holds a top spot on the Nasdaq this afternoon but remains down 62.6% in the last 12 months. 

At the other end of the index, Foot Locker Inc (Nasdaq: FLis down 26.1% at $30.68 today, after the shoe retailer reported disappointing fiscal first-quarter results, missing both earnings and revenue estimates. Year-to-date, FL is down 19.2% and today trading at its lowest level in 2023.

FL Chart May 192023

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