5/16/24

US stocks fall after Dow cracks 40,000; Walmart soars

The S&P 500 fell from record highs to finish just below 5,300 on Thursday. The loss, while relatively small, marks the worst day for the benchmark US stock index since May 1.

Consumer staples was the only US sector exchange-traded fund to rally, up 1.4%, as investors cheered Walmart’s strong quarterly results and improved full-year guidance. The stock’s 7% gain was its best daily showing since March 2020. Meanwhile, the iShares US Home Construction ETF slumped 3.1%

The Dow Jones Industrial Average breached the 40,000 threshold for the first time in early trading, sparking a furious internal newsroom debate:

The Dow hit 40,000.
How should I feel about this?

This not-very-good gauge of the US stock market (compared to the S&P 500) ultimately finished 0.1% lower on the day, below the big number level.

AMC and GME extended yesterday’s losses, but retail traders appear to have found a new plaything in Faraday Future Intelligent Electric which mooned 134% on the session.

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LoanDepot shares soar as it gathers retail interest

Shares of the struggling mortgage originator have more than doubled in the last month.

Loan Depot Shares Soar amid Wall Street Bets optimism

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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.

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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

1h

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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D-Wave Quantum soars on a wave of bullish options bets

Shares of D-Wave Quantum are roaring higher, up 8% as of 11:27 a.m. ET, as traders press wagers on short-term upside for the annealing-centric quantum computing company.

Call volumes are running at 110,453 as of 11:28 a.m., more than double the 20-day moving average. And that flow has a particularly bullish tilt to it: the put/call ratio is under 0.2 so far, versus the 20-day average of 0.36.

The contracts seeing the most activity are call options that expire this Friday with strike prices of $21, $20, and $19.50.

Get Smart: D-Wave CEO Alan Baratz discusses how the quantum computing company competes against AI, potential acquisitions, and more

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