Stocks are swimming in red ink midday. The Nasdaq Composite (IXIC) is struggling the most as tech stocks move broadly lower, while the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) look to snap their three- and six-day win streaks. Several Fed officials will make speeches throughout the day today, with investors searching for insight after Moody's credit downgrade.

D-Wave Quantum Inc (NYSE: QBTS) is seeing the most volume in the options pits today. So far, 269,000 calls and 111,000 puts have been exchanged, which is already 7 times the options volume QBTS typically sees at this point in the day. The weekly 5/23 16-strike call is the most popular, with new positions being opened there. At last glance, QBTS was up 28.5% at $16.90, after the company announced that its most advanced system, the Advantage2 quantum computer, was commercially ready. 

Outdoor retail stock Amer Sports Inc (NYSE: AS) was last seen up 17.4% at $36.85, after the Arcteryx parent's strong first-quarter results and upbeat full-year forecast. Publicly traded since February of 2024, today's pop has AS soaring to record highs. Year over year, the equity is up roughly 130%. 

Broadcasting name Newsmax Inc (NYSE: NMAX) was down 9.1% at $23.46 at last check, continuing its steep slide from its late-March initial public offering (IPO). The stock hit a high of $265 on April 1, and has seen many challenges since then, though announcing revenue growth on Friday. Since the start of the quarter, NMAX has lost 71.7%. 

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