1/22/25

Megacap tech powers S&P 500 higher

The S&P 500 set a fresh intraday record but ended just shy of an all-time closing high. The Nasdaq 100 soared 1.3%, and the Russell 2000 dipped 0.6% on Wednesday.

It’s the first session since February 23, 2000, that the S&P 500 closed up at least 0.5%, with decliners outnumbering advancers by more than 150.

Gains were concentrated in just two S&P sectors: tech, which was up over 2%, and communication services, which advanced 1%. Utilities and energy stocks weighed on returns.

The Magnificent 7 matched the Nasdaq 100 on the day. Nvidia led the way higher, widening the gap between itself and Apple, while Tesla was the only member of the cohort that fell.

Like the S&P 500, Netflix hit a record high; unlike the benchmark index, it managed to close at one, too. The streaming giant reported stellar earnings and huge subscriber growth after the close on Tuesday, with Wall Street thinking the stock has more room to run even after Wednesday’s massive gain.

Moderna was also among the S&P 500 stocks that rallied the most on aspirational commentary from Oracle’s Larry Ellison that Project Stargate might result in a cure for cancer.

California utility Edison International and First Solar were at the bottom of the S&P 500’s leaderboard.

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1h

Plug Power’s option-fueled romp higher continues to accelerate

For the second day in a row, Plug Power is surging on little to no news and a ton of seemingly bullish option flow.

Tuesday’s call volumes of 97,079 were over 5x the 20-day average, and the hydrogen fuel cell company has already nearly doubled that mark by 11:54 a.m. ET on Wednesday.

So far 181,671 call options have changed hands, with activity once again centered in contracts with a strike price of $2 that expire on October 17 and this Friday.

The put/call ratio is less than 0.03, which if sustained would be the lowest since May 27, 2020. The volumes appear to be a bit of a mirage when it comes to assessing just how bullish these flows are: some of this looks to be an unwind of the previous session’s trade, with the October call options being sold.

markets

2h

IonQ’s purchase of Vector Atomic will support efforts to grow its sales to governments, says Needham & Company

IonQ’s announced plans to acquire quantum sensor company Vector Atomic in an all-stock deal worth approximately $400 million. The purchase is expected to close in Q4.

“This acquisition marks a significant acceleration and expansion opportunity for IonQ as we continue to lead the commercialization of quantum technologies,” Niccolo de Masi, chairman and CEO of IonQ, said in a press release. “Integrating Vector Atomic’s sensing capabilities across our compute, networking, and space portfolios will advance our mission to provide scalable, commercial-grade quantum solutions for our customers today. The addition of Vector Atomic’s 29 pending and issued patents to IonQ’s formidable patent portfolio, and its talented team of scientists and engineers will help us reach our quantum technology goals.”

Needham analyst N. Quinn Bolton, who has a “buy” rating and $80 price target on IonQ, highlighted that Vector Atomic’s more than $200 million in government contracts and projects would help support the company’s growth in this area.

“Vector Atomic’s field-validated offerings, which include high-performance clocks, synchronization hardware, gravimeters, and inertial sensors, strengthen IonQ’s position as the only quantum company integrating computing, networking, and sensing within a single platform,” he wrote. “Vector Atomic’s portfolio of products has been designed to support mission-critical federal and national security applications.”

This deal comes on the heels of the closing of its acquisition of Oxford Ionics and its Analyst Day event, which served as a catalyst for IonQ and the broader quantum space.

Today, on the other hand, IonQ is not the top performer in the industry: that distinction goes to D-Wave Quantum, which is benefiting from a wave of bullish options bets.

markets

2h

Lucid climbs out of its reverse stock split rut as EV demand swells

Lucid’s rallying like the end of August and beginning of September never even happened. The luxury EV maker rose more than 8% in Wednesday trading, climbing out of its recent all-time lows following the company’s 1-for-10 reverse stock split.

Lucid shares are above $21, or $2.10 presplit. That’s their highest level since the week leading up to the drop in late August.

Also potentially boosting the stock is the looming expiration of the $7,500 EV tax credit on September 30, which pricey Lucid vehicles can qualify for through leasing loopholes. Consumers have rushed to buy the vehicles before the credit ends, with EV registrations surging 27% in July, according to S&P Global Mobility. Lucid has been discounting its vehicles to capitalize on the sales bump.

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