The Dow Sets Sights on 7th Straight Monthly Gain

The major market indexes are pacing for their best month since February

Managing Editor
Oct 31, 2017 at 12:06 PM
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The Dow Jones Industrial Average (DJIA)S&P 500 Index (SPX), and Nasdaq Composite (IXIC) are modestly higher this afternoon, but are sticking close to breakeven as traders weigh the latest batch of earnings reports. Nevertheless, the Dow and S&P are on pace for a seventh straight monthly gain, and their best month since February. The Nasdaq just touched another record high this morning, and is also pacing for its biggest monthly gain in eight months. Meanwhile, the Fed will be in focus this week, with the Federal Open Market Committee (FOMC) meeting kicking off today, and President Trump expected to unveil his pick to lead the central bank on Thursday.

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

  • The Apple supplier getting slammed before earnings.
  • 3 stocks surging after earnings.
  • Plus, Tripadvisor's unusual call volume; Shutterstock's earnings beat; and the manufacturing stock down after an earnings miss.

Midday Market Stats Oct 31

Among the stocks with unusual options volume is online hotel and flight finder Tripadvisor Inc (NASDAQ:TRIP), with over 6,000 call options traded -- nine times the average intraday norm, and on pace for the 99th percentile of its annual range. The weekly 11/10 39-strike call is most popular, with over 4,300 contracts traded. Most of the action is attributable to a sweep of 3,800 contracts that were likely bought to open, and the options encompass TRIP's earnings release, set for after the market close on Nov. 6. At last check, TRIP stock was down 0.3% at $37.24.

One of the biggest gainers on the New York Stock Exchange (NYSE) is digital imaging concern Shutterstock, Inc. Inc (NYSE:SSTK). The shares of SSTK are soaring after the company reported a third-quarter earnings beat and offered upbeat full-year guidance. The stock was last seen up 14% at $39.10, and earlier peaked at $42.70 -- in the range of both its 200-day moving average, and the neighborhood SSTK was exploring before an August bear gap.

Daily Chart of SSTK Since Jan 2017 with 200MA

One of the worst stocks on the Nasdaq today is manufacturer Sanmina Corp (NASDAQ:SANM), with the shares gapping 13% lower to trade at $33.90. This large drop comes just after the company reported a fiscal fourth-quarter earnings miss. SANM stock is now trading back below the $35 area for the first time since late January, and has erased its 2017 lead, now sporting a 7.3% year-to-date loss.


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