Stocks Rise With Midterm Election Voting Underway

IBM is the best Dow stock at midday

by Karee Venema

Published on Nov 6, 2018 at 11:48 AM

Stocks are modestly higher at midday, with traders keeping a close eye on midterm election updates. The technology sector is seeing some of the biggest gains today, with a sharp push higher for IBM (IBM) helping boost the Dow Jones Industrial Average (DJI) to a triple-digit lead. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are up, as well, as the latter seeks to snap its two-day losing streak. Oil prices are also in focus, after the U.S. imposed new sanctions on Iran yesterday, with December-dated crude futures down 1.3% to trade at $62.29 per barrel.

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

  • Founder and CEO Bernie Schaeffer discusses what's next for small-cap stocks after an ugly October.
  • The retail stock set for its best day ever after earnings.
  • Plus, bears blast downgraded NYT stock; behind GoGo's big day; and the financial name near the bottom of the Nasdaq.

midday market stats nov 6

Among stocks seeing unusual options volume today is New York Times (NYSE:NYT), with 1,172 puts on the tape so far -- three times what's typically seen at this point, and almost 12 times the number of calls traded. Buy-to-open activity has been detected at the January 2019 24-strike put, the most active NYT option today. At last check, the media stock is down 4.6% at $26.69, after a Barclays downgrade to "underweight" from "equal weight."

Gogo Inc (NASDAQ:GOGO) is one of the best stocks on the Nasdaq today, after the in-flight internet provider reported a slimmer-than-anticipated third-quarter loss on stronger-than-forecast revenue. In reaction, GOGO stock is up 31.3% at $7.60 -- pacing toward its best day on record -- and set to close above its 200-day moving average for the first time since October 2017.

gogo stock daily price chart nov 6

On the other end of the spectrum, the shares of GreenSky Inc (NASDAQ:GSKY) are trading near the bottom of the Nasdaq, after the online lending company slashed its full-year adjusted earnings and transaction volume forecasts, citing stiff fourth-quarter headwinds. A downgrade to "neutral" from "buy" at BTIG is only stoking the bearish flames, with GSKY stock down 41.2% at $8.61, fresh off a record low of $8.55.

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