Stocks are firmly higher today, with the Nasdaq Composite Index (IXIC) up triple digits, as Wall Street unpacks a flood of corporate earnings reports. Alphabet (GOOGL) and Tesla (TSLA) are garnering attention too, as both are scheduled to announce their second-quarter results after today’s close. Meanwhile, existing home sales fell for a fourth straight month as home prices hit record highs. 
Options traders are blasting Spotify Technology SA (NYSE: SPOT), as the stock soars to three-year highs after profitability hit a record high. The company also beat subscriber estimates in the second quarter. So far, 29,000 calls and 23,000 puts have exchanged hands, which is already 3.7 times the average daily options volume. The weekly 7/26 355-strike is the most active, where new positions are being opened. At last glance, SPOT was up 12.4% at $332.03. 
Frequency Electronics Inc (Nasdaq: FEIM) is soaring to its highest levels in 20 years, up 33% at $13.43 at last glance, and earlier hitting a peak of $14.00, after the company’s better-than-expected fiscal fourth-quarter profits. Soaring past the $11 region, which kept a cap on gains over the first few months of the year, FEIM is now up 16.6% year to date. Medpace Holdings Inc (Nasdaq: MEDP) stock is down 16.8% at $363.75, despite better-than-expected second-quarter earnings, after a “shocking bookings miss” that caused the company to lower its 2024 sales guidance by $25 million. Support at the $360 level, which also captured a pullback in April, appears to be keeping losses in check. Since the start of the year, MEDP is still up 18.3%. More By This Author:Dow, Nasdaq Bounce Back With Triple-Digit Wins
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