Dow, Nasdaq, S&P Pull Back from Record Highs
After again touching record highs this morning, the Dow Jones Industrial Average (DJIA), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) have pulled back sharply. Investors are digesting the latest round of earnings reports, and the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) for September, which remained near record levels. Next up is an afternoon speech from departing Fed Chair Janet Yellen. Meanwhile, oil prices remain in focus following their recent run higher, though December-dated crude futures were last seen 0.3% lower at $57.24 per barrel.
Continue reading for more on today's market, including:
The shipping stock soaring to a fourth straight win. Time to buy calls on this big-cap bank stock. Plus, Snap call volume pops; Weight Watchers rallies; and a car stock getting buried.
Among the stocks with unusual options volume is Snap Inc (NYSE:SNAP), as the company prepares to report earnings after the close today. Much of the action appears bullish, with calls trading at four times the expected pace. In the lead by a mile is the weekly 11/10 16-strike call, where buy-to-open activity is taking place. As such, these bulls expect SNAP stock to rally above $16 by the end of this week, when the contracts expire. The shares were last seen trading at $15.24, up 2.8% today.
One stock making a big move on the NYSE today is Weight Watchers International, Inc. (NYSE:WTW), as the shares rally again after an earnings beat. WTW stock has gained 15.1% today to trade at $51.58, and earlier hit a four-year high of $54.47. The equity is now up over 350% this year.
One of the worst stocks on the Nasdaq today is TrueCar Inc (NASDAQ:TRUE), following the company's disappointing earnings release. The shares haves shed nearly one-third of their value to trade at $11.08, putting them on pace for their first close below the 320-day moving average in well over a year. TRUE stock has now given back roughly half its value since its two-year high near $22 from July.
