Wall Street Extends Lead After Strong Earnings

Wall Street is building on yesterday's rally, with the Dow Jones Industrial Average (DJI) boasting a more than 200-point lead after an impressive round of bank earnings. The Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) also boast strong leads, as investors remain optimistic that a strong earnings season could signal a stronger economy than previously thought.

Midday Market Stats October 182022

Carnival Corp (NYSE: CCL) options are popping today after the company's Carnival Holdings (Bermuda) Ltd. subsidiary began a private offering of $1.25 billion of senior priority notes. So far, 80,000 calls and 58,000 puts have been exchanged, or triple the intraday average. New positions are being opened at the two most popular contracts, the October 8.50 and 8 calls. At last glance, CCL was up 11.1% to trade at $8.07 and attempting to break above short-term pressure at its 20-day moving average. Year-over-year, Carnival stock sports a 65.6% deficit.

CCL Chart October 122022

Near the top of the Nasdaq this afternoon Akouos Inc (Nasdaq: AKUS), last seen up 85.7% to trade at $13.02. The equity is trading at 13-month highs after it was announced that Eli Lilly (LLY) will buy the genetic therapies company for $487 million in cash if certain drug trial goals are hit. 

Retail concern Conn's Inc (Nasdaq: CONN) is near the bottom of the Nasdaq, down 16.2% at $6.80 and trading at more than two-year lows. The company withdrew its full-year 2023 guidance, while its President and CEO stepped down, and the fallout has the shares trading 72.5% lower year-to-date.


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