All three major indexes are higher to start the week, with the Nasdaq Composite Index (IXIC) marking a new all-time high as Broadcom (AVGO) continues to rally. Investors are already focused on inflation data, due out later this week, ahead of the Federal Reserve’s policy decision. Meanwhile, a billion-dollar deal between EchoStar (SATS) and SpaceX is making waves, dragging the telecommunication sector today.
Retailer Children’s Place Inc (Nasdaq: PLCE), is up 8.2% to trade at $5.95 this afternoon, quickly becoming a favorite in the options pits. The company said they are starting cost-cutting efforts, brushing off a second-quarter sales miss. The shares are still down 44% year to date, once again grappling with pressure from the 120-day moving average. In the options pits, 6,037 calls and 2,410 puts have crossed the tape so far, 7 times the average daily volume. Most popular is the weekly 9/12 6-strike call, followed by the September 6 call.
One of the best stocks on the New York Stock Exchange (NYSE) today is Bed Bath & Beyond Inc (NYSE: BBBY), last seen up 7.4% to trade at $10.65, on track for a fourth-straight daily pop. Last week the company requested — and was subsequently granted — a replacement for tZERO’s CEO David Goone. Alan Konevsky has been named successor of the blockchain company, of which Bed Bath & Beyond hold a large stake in. BBBY is up 116% year-to-date, breaking above $10 for the first time since July.
Pacing the losers of the NYSE is Vistra Energy Inc (NYSE: VIST), down 8.3% at $35, at last check. Though today’s headwinds remain unclear, last week the energy name said it will acquire oil name Lion International Investment for $1.21 million. Today’s bear gap has the shares trading at February 2024 lows and down 35% year-to-date.
