2 of the Big Board's Biggest Gainers Today

Both names recently hit new lows

The U.S. stock market is soaring -- with the S&P 500 Index (SPX) fresh off a record high -- following this morning's jobs report. Among specific stocks making notable moves are oil-and-gas expert California Resources Corp (NYSE:CRC) and tobacco name Turning Point Brands Inc (NYSE:TPB). Here's a quick look at what's moving the shares of CRC and TPB.

California Energy Stock Soars on Surprise Profit

California Resources stock is at the top of the New York Stock Exchange (NYSE) today, up 39.2% at $7.78. This comes after the company reported an adjusted third-quarter profit of 35 cents per share, compared to the consensus estimate for a per-share loss of 32 cents. Total costs for the three-month period also fell by $110 million year-over-year to $533 million.

Longer term, though, CRC stock is still down 54.2% on a year-to-date basis, and hit a three-year low of $4.68 just yesterday. Several options traders are betting on the $5 level to continue to serve as a floor for the shares, at least over the next two weeks. Amid heavy trading today, the November 5 put is most active, and it looks like speculators may be selling to open the options.

Turning Point Lights Up on Vaping News

Turning Point stock has surged 20.4% to trade at $25.12, after the company announced a strategic review of its vaping distribution business, saying recent headlines have "dramatically disrupted" its third-party vaping distribution. TPB also reported third-quarter revenue of $96.8 million, well above the $80.6 million expected by analysts.

TPB stock had been selling off since hitting an all-time peak above $57 in early July, and bottomed at an 18-month low of $20.11 on Wednesday. Today's pop has the shares paring their year-to-date deficit to 8.9%, and at least some options traders are eyeing an even bigger bounce.

While volume is light on an absolute basis, options are crossing 11 times the expected intraday rate. Buy-to-open activity is detected at the November 30 call, meaning traders expect Turning Point shares to climb back above the $30 mark by expiration at the close on Friday, Nov. 15.