For all the flow we saw to start the week, Tuesday’s markets are a ghost town...
Markets were sluggish at the open as we get close to Wednesday’s latest Consumer Price Index inflation report, which could be pushing people to the sidelines.
Adding to Wall Street’s worries is chip name Micron Technology, and old pandemic player Novavax, which both issued major cuts to their 2022 guidance.
The vaccine-maker suffered a quarterly loss of $6.53 per share, nowhere near the $5.50 per share of profits expected by analysts.
Even worse, the company announced it doesn’t expect any additional U.S. sales in 2022, cutting its full-year revenue projections in half to $2.3 billion.
The earnings result saw NVAX drop as much as 32% during Tuesday’s trading, while institutional short orders flooded the options tape...
And if that’s not enough of a shot in the arm, check out the bearish flow in this junk meme stonk...
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