Stocks Mixed as Gains in Tech Clip Weight of Jobs Data

U.S. jobless claims came in over 1 million once again

Deputy Editor
Aug 20, 2020 at 12:16 PM
facebook twitter linkedin

The Dow Jones Industrial Average (DJI) is down over 40 points midday, as investors digest weekly jobless claims coming in back over the 1 million mark. One silver lining for the labor market, however, is continuing claims, which fell to 14.84 million from 15.48 million. Meanwhile, the S&P 500 Index (SPX) is at flatline, while the Nasdaq Composite (IXIC) gains on outperforming tech stocks. 

Continue reading for more on today's market, including: 

  • Fast food stock fired up on analyst praise. 
  • Tesla rival announces an affordable service for its electric cars. 
  • Plus, puts pop on oil and gas stock; CTRN rises on quarterly results; and the plummeting software stock. 

mmc August 20

One stock seeing notable activity in its options pits is oil and gas stock Matador Resources Company (NYSE:MTDR), down 1.2% at $9.90 at last check. So far, 30,000 puts have crossed the tape, a whopping 321 times what's typically seen at this point. The near entirety of this volume is the August and September 10-strike puts, with positions opening at the latter. Though the reason for today's bearish options surge is unclear, MTDR is up 17.5% in the last three months.

One stock scaling the Nasdaq today is Citi Trends Inc (NASDAQ:CTRN), last seen up 9.4% at $20.13 after positive second-quarter results. More than double its early-April lows, CTRN has been scaling the charts, though now seeing pressure above the $20 region. Down 13% year-to-date, the stock is eyeing its third-straight week of gains.

Conversely, software company Opera Ltd (NASDAQ:OPRA) is down 22.2% at $8.05 after announcing its second-quarter results. The firm reported better-than-expected earnings per share, but posted revenue that was much lower than anticipated. Now dropping to late-June support at the $8 region, the 200-day moving average has swooped in to catch today's pullback. Year-to-date, the equity is down 13.1%. 

OPRA mmc August 20


Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

Schaeffer's Daily Bulletin Offer


Special Offers from Schaeffer's Trading Partners