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Thursday, 01/04/2024 2:59:01 PM

Thursday, January 04, 2024 2:59:01 PM

Post# of 648882
Stocks Edge Higher, Nasdaq Looks to Snap Skid
By: Schaeffer's Investment Research | January 4, 2024

• Upbeats jobs data is driving today's optimism

• The Do and S&P 500 boast solid midday gains

Stocks are attempting to regain their 2023 form today. Both the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are comfortably back to gains this afternoon, while the Nasdaq Composite (IXIC) furiously pares earlier losses. The tech-heavy index -- looking to snap a four-day skid -- broke into the black midday, as the broader market enjoys upbeat jobs data.

Continue reading for more on today's market, including:

• Can YETI withstand a new competitor?
• Chip stock bucking broad market selloff.
• Plus, WW puts pop; MRK's big upgrade; and a chip supplier in the red.

Put traders are loading up on WW International Inc (NASDAQ:WW) stock today, after Eli Lilly (LLY) launched a website and home delivery option for its weight-loss drug. At last check, 12,000 puts have already exchanged hands -- 11 times the intraday average volume. The weekly 1/5 7-strike put is getting the most attention, with positions opening there. WW is down 12.5% to trade at $6.69 at last check, but is 54% higher-year-over-year.

Merck & Co., Inc. (NYSE:MRK) stock is near the top of the SPX today, last seen up 2.2% at $117.28, after TD Cowen upgraded it to "outperform" from "market perform," with a price-target hike to $135 from $125. The firm is bullish on the pharma giant's Keytruda cancer immunotherapy, as well as other drugs in the pipeline. MRK added 4.8% in the last 12 months.

NXP Semiconductors NV (NASDAQ:NXPI) stock is in the SPX gutter, down 3.4% to trade at $208.63 at last check. Automobile-related semiconductor stocks like NXPI and Wolfspeed (WOLF) are lower after sector peer Mobileye Global's (MBLY) inventory warning. NXPI has shed 8.6% already in 2024, but is 32.9% higher year-over-year.

Read Full Story »»»


Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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