The major stock market indexes are all in the red with an hour left of trading. Roku (ROKU) is up over 9.5% in heavy volume on a rumor circulating that Netflix (NFLX) would take over Roku.
Roku shares are 79.2% off its 52-week high. Netflix shares are up 1.1% on the news and off 71.2% from their 52-week high.
The Nasdaq composite has been trading sides for more than an hour and is currently down 0.6% on the day. The S&P 500 is down 1.0% and the Dow Jones Industrial Average is down 0.8%. The Russell 2000 is the laggard, down 1.9%.
Indexes are trading in a range in choppy action. NYSE volume is up 6% and Nasdaq volume is up 15% compared with the same time on Monday.
Stock Market Action: Ollie’s Showing Strength
US Stock Market Today Overview
Last Update: 2:52 PM ET 6/8/2022
Ollie’s Bargain Outlet (OLLI) is up 4% today despite reporting lower-than-expected Q1 earning per share of 20 cents vs. an estimate of 30 cents, according to Zacks. OLLI reported a 10.1% sales decline, missing its Q1 estimate. It’s holding above the 50-day moving average. Shares are now barely above the buy point of 55.32.
Lovesac (LOVE) is regaining ground but still down 4%, after plunging this morning on Q1 earnings results before the stock market open. LOVE reported positive earnings per share of 12 cents vs. analysts’ consensus estimate of a 20-cent loss. LOVE reported net sales growth of 56% over Q1 of 2022, and comparable sales growth of 42.2%. Gross margin dropped to 51.1% from 55.6% in the same quarter last year.
Campbell Soup (CPB) is its holding morning gain in high volume after reporting fiscal Q3 EPS of 62 cents vs. a consensus estimate of 61 cents, according to Zacks. Sales of $2.13 billion beat the consensus of $2.04 billion, according to FactSet. Campbell’s raised its full-year guidance for sales to be flat to a 1% increase.
Vertex (VRTX) is up 0.5% today in stock market action. Earlier in the day it topped the 276.10 buy point of a cup-with-handle base. Vertex is showing a Relative Strength Rating of 95. Vertex also shows a strong EPS Rating of 98 and a Composite Rating of 94. Mutual fund ownership has increased to 2,886 in March from 2,739 in December.
The Innovator IBD 50 ETF (FFTY) is down more than 2.9% but holding near the 50-day moving average.
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