Stocks Mixed as Alphabet Earnings Weigh

The Google parent's lackluster earnings report is dragging the Nasdaq lower

Patrick Martin

Managing Editor

Oct 29, 2019 at 11:50 AM

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The Dow Jones Industrial Average (DJI) is slowly climbing at midday, as Wall Street weighs the latest batch of corporate reports and economic data. The blue-chip index is shaking off an October dip in consumer confidence, and is instead being propped up by encouraging earnings reports from pharmaceutical giants Pfizer (PFE) and Merck (MRK). The S&P 500 Index (SPX) is just off another record intraday high, but the Nasdaq Composite (IXIC) is stuck in the red amid a poorly received earnings update from FAANG giant Alphabet (GOOGL).

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

Keybanc sees another blowout Starbucks earnings report coming.
The options market whiffed on this stock's earnings reaction.
Plus, call traders target ENPH ahead of earnings; GM climbs after an earnings beat; and Amazon Prime weighing on Kroger.

Midday Market Stats Oct 29

One name seeing heightened options volume today is Enphase Energy Inc (NASDAQ:ENPH), with nearly 7,200 call options crossing the tape so far -- four times the average intraday amount and seven times the number of puts traded. The November 35 and 32.50 calls are the most popular. ENPH was last seen trading up 4.6% at $26.56, and reports earnings after the close today. Buyers of those calls expect a sustained rally from the energy stock in the coming weeks.

General Motors Company (NYSE:GM) is one of the better stocks on the SPX today, up 5.1% to trade at $38.49. The automaker reported third-quarter earnings and revenue that surpassed analyst estimates, and yesterday agreed to a new four-year labor contract to end the union worker strike. GM is heading toward its highest close since a Sept. 16 drop, and is attempting to fill the bear gap from when the strike first started.

MMC Daily Chart GM

Kroger Co (NYSE:KR) is one of the worst stocks on the New York Stock Exchange (NYSE) today, down 4% to trade at $24.32. The grocery stock is lower after Amazon.com (AMZN) announced its own grocery delivery service will be free to Amazon Prime customers. KR is set for its worst single-session drop since March, and is now sitting at its -10% year-to-date breakeven level.

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