Stocks are rebounding as Wall Street continues to unpack yesterday's interest rate hike, with investors considering the Fed's policy for the rest of the year. In the meantime, here are three stocks making big moves today.
Hindenburg Sends Block Stock Tumbling
Block Inc (NYSE:SQ) is down 14% at $62.47 at last glance, earlier trading as low as $56.50 after notorious short seller Hindenburg Research published a new position on the stock, saying it has "wildly overstated its genuine user counts and has understated its customer acquisition costs." Year-over-year, the equity is down 56.3%, currently trading around its year-to-date breakeven level.
So far today, 334,000 calls and 330,000 puts have been exchanged, which is already 5.6 times the stock's typical daily volume. The Weekly 3/24 65-strike call is the most active contract, with new positions being opened there as well as the next 33 most popular positions.
Riot Stock Jumps Alongside Crypto
Conversely, Riot Platforms Inc (NASDAQ:RIOT) is soaring today, up 17.2% at $9.48 at last check, as the shares enjoy tailwinds from the cryptoverse. Bitcoin (BTC) is staging a rebound, while several other cryptocurrencies move higher as well. Now trading at its highest level since August, RIOT is up 178.2% year-to-date.
Options traders are targeting the security at double the intraday average, with 111,000 calls and 50,000 puts across the tape so far. The weekly 3/24 9-strike call is the most active, with new positions opening there.
Options Traders Target Netflix Stock Bounce
Netflix Inc (NASDAQ:NFLX) is up 7.6% at $316.24 at last glance, and at the top of the S&P 500 Index (SPX) today. A report from YipitData said the company's gross additions have improved in Canada. Plus, the streaming name has ramped up its content investments. On the charts, long-term support at the 140-day moving average kept this month's pullback in check. Plus, today's jump has NFLX moving back above its year-to-date breakeven level.
Options traders are chiming in on today's bounce, with 205,000 calls and 193,000 puts exchanged so far -- double the intraday average amount. The weekly 3/24 320-strike call is the most active, with new positions being opened there.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
MarketBeat's analysts have just released their top five short plays for May 2024. Learn which stocks have the most short interest and how to trade them. Click the link below to see which companies made the list.
Get This Free Report
