Stocks are finishing the week strong, but it's a pyrrhic victory, with two of the three major indexes still staring down sizable weekly losses. The Dow Jones Industrial Average (DJIA) has pulled back from its early morning triple-digit lead, poised to extend its four-day losing streak. However, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are confidently higher, with the latter eyeing a seventh-consecutive weekly win, as investors cheer a 10-year Treasury yield cooling off from five-month highs.

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Capri Holdings Ltd (NYSE: CPRI) is getting blitzed by options bears today, after a judge agreed with the Federal Trade Commission's (FTC) request to block the merger with competitor Tapestry (TPR). At last check, over 114,000 puts have changed hands, volume that's 27 times the average intraday amount and pacing for the 99th percentile of its annual range. The January 17, 2025 35-strike put is the most popular, as are the 20- and 25-strikes in the same series. CPRI is down 47% to trade at $22.07, heading for its worst single-session decline on record. 

Western Digital Corp (Nasdaq: WDC) is powering the tech sector today, up 9.5% to trade at $72.60, after the data storage company's fiscal first-quarter earnings and revenue topped analyst estimates. Four brokerages hiked their price targets, the highest coming from Morgan Stanley to $100 from $93, with the brokerages encouraged by the company's cloud sales. WDC is now 39% higher in 2024, and is clearing recent pressure at its 200-day moving average.

DexCom Inc (Nasdaq: DXCM) stock is dragging the SPX today, last seen down 1.4% to trade at $73.77. Although the medical device maker reported a top-line beat for the third quarter, an unchanged fiscal year forecast and lackluster sales are weighing on the stock. Bernstein and Wells Fargo hiked their price targets to $86 and $90, respectively, while Oppenheimer and Raymond James trimmed their targets to $105 and $99. DXCM is down 40.9% year-to-date, with most of the damage done from a 41% post-earnings bear gap in July. 

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