UnitedHealth, Microsoft Stocks Spark Post-Election Surge for Dow

MSFT's gains underscore a strong day for tech

by Karee Venema

Published on Nov 7, 2018 at 11:51 AM
Updated on Nov 7, 2018 at 12:05 PM

Stocks are surging today, as Wall Street reacts positively to the U.S. midterm election results. The Dow Jones Industrial Average (DJI) is deep into triple-digit territory at last check -- pacing for a third straight win -- as insurance giant UnitedHealth (UNH) pops after Idaho, Utah, and Nebraska voted to expand Medicaid programs for low-income residents. Microsoft (MSFT) is also near the top of the Dow, underscoring a strong day for tech stocks and sparking upside for the S&P 500 Index (SPX) and Nasdaq Composite (IXIC), too.

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

  • Analysts can't keep up with surging Twilio stock.
  • The tech stock slumping 33% after earnings.
  • Plus, option bear cashes out on Zillow; Tableau earnings spark big stock rally; and KORS stock sinks.

midday market stats nov 7

One name seeing unusual options activity today is Zillow Group Inc (NASDAQ:ZG), with 2,375 puts and 692 calls on the tape -- 12 time what's typically seen at this point. Trade-Alert suggests 1,514 February 40 puts are potentially being sold to close for $9.30 apiece after being bought in late September at $3.50 each. This comes as the shares plunge 23.6% to trade at $31.12 -- earlier hitting a two-year low of $30.17 -- after the online real estate name's disappointing current-quarter and full-year revenue forecasts were met with an onslaught of bearish brokerage notes.

Tableau Software Inc (NYSE:DATA) is trading near the top of the New York Stock Exchange today, after the tech firm's quarterly results were met with no fewer than six price-target hikes -- including one to $135 from $120 at Stifel. DATA stock is up 15.3% to trade at $121.08, earlier hitting a three-year peak of $123.88 -- and has added almost 28% since bouncing from its 200-day moving average in late October.

data stock daily price chart on nov 7

The shares Michael Kors Holdings Ltd (NYSE:KORS) are wallowing near the bottom of the Big Board, after the retailer reported a quarterly revenue miss and same-store sales slump. After tagging a new annual low out of the gate, KORS stock was last seen down 15.5% to trade at $48.53.

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