The Dow is weighing quarterly reports from Boeing and Caterpillar
The Dow Jones Industrial Average (DJI) is higher at midday, as Wall Street unpacks another day of corporate earnings. The blue-chip index is shaking off a sub-optimal earnings reaction from Caterpillar (CAT) thanks to Boeing (BA), which is higher on a revenue beat and another timely 737 MAX update. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also in the black, although the latter's gains are held in check by struggling semiconductor sector, in the wake of lackluster guidance from Texas Instruments (TXN).
Continue reading for more on today's market, including:
- Credit Suisse has high hopes for this FAANG stock ahead of earnings.
- Skechers' earning reaction was less volatile than anticipated.
- Plus, Chipotle options hot after slower sales growth; ALXN bounces off after earnings; and Broadcom sinks with the chip sector.
One name seeing heightened options volume today is Chipotle Mexican Grill, Inc. (NYSE:CMG), with more than 45,000 options crossing the tape so far -- six times the average intraday amount and volume pacing for the 100th percentile of its annual range. Leading the charge today is the weekly 10/25 850-strike call, but there are also new positions being opened at the 830- and 810- strike calls in the same series. CMG stock is down 5.5% to trade at $785.82, amid concerns about slowing growth, though several analysts have upped their price targets on Chipotle shares.
Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) is one of the top stocks on the SPX today, up 6% to trade at $105.25 after the pharma company reported a third-quarter earnings and revenue beat. After bouncing from the supportive $95 level earlier this month, ALXN is on track to topple its 40-day moving average for just the second time on a closing a basis since July.
The shares of Broadcom Inc (NASDAQ:AVGO) are down 2.6% to trade at $279.91 today. The chip stock is lower with the entire semiconductor sector, under pressure from Texas Instruments' (TXN) guidance signaled weakening chip demand. AVGO is clinging to its +10% year-to-date lead, with short-term support emerging at the $280 level.