S&P Looks To Snap Losing Streak as Stocks Swing Higher
The Dow and Nasdaq are higher, too
The Dow Jones Industrial Average (DJI) is on the rebound today, up more than 350 points as earnings season hits high gear. A positive reaction for Microsoft's (MSFT) quarterly results has the tech stock at the top of the Dow, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are both confidently higher as well, with the former set to snap its six-day losing streak. In economic data, traders are digesting an unexpected rise in durable goods orders last month, while the U.S. trade deficit widened to a larger-than-anticipated $75.8 billion, and pending home sales rose 0.5%-- more than forecast.
Continue reading for more on today's market, including:
2 FAANG earnings to watch tonight.Bears are blasting Electronic Arts stock ahead of earnings.Plus, options bears bet on a big Weight Watchers drop; Spirit Airlines flies higher after earnings; and Align Technology stock nears new lows.
Weight Watchers International, Inc. (NASDAQ:WTW) is seeing unusual options volume today, with more than 7,500 puts on the tape -- six times the expected intraday amount. Most active by far is the January 2019 40-strike put, with almost 7,300 contracts changing hands, and the bulk of which appear to be seeing buy-to-open activity. WTW is up 0.9% to trade at $64.78 today, but has shed 39% since its June 20 high of $105.73.
Spirit Airlines, Inc. (NYSE:SAVE) is up 6% to trade at $51.02, one of the best stocks on the New York Stock Exchange (NYSE) today, after the airliner reported third-quarter earnings that exceeded expectations. In response, Deutsche Bank upped its price target on the equity to $59 from $53. SAVE earlier flew to a record high of $51.78, and is now on track for its best day since July 12. The shares pulled back earlier this month, but the dip was quickly contained by their 80-day moving average.
Despite a new partnership with 3D Systems (DDD), Align Technology, Inc. (NASDAQ:ALGN) is down 22.6% to trade at $225.09 today,one of the worst stocks on the Nasdaq so far, after the Invisalign parent gave fourth-quarter revenue guidance below expectations. At least seven brokerages have issued price-target cuts, including one to $277 at Evercore. ALGN is heading toward its worst day since October 25, 2007, and is trading at its lowest point in nearly a year.