Upbeat jobs and manufacturing data are powering Wall Street today too
The Dow Jones Industrial Average (DJI) is in the midst of a substantial rally today, thanks to political tailwinds created by former Vice President Joe Biden. His slew of Super Tuesday primary victories last night puts him ahead of Senator Bernie Sanders in the delegate count, and healthcare stocks like UnitedHealth (UNH) are booming as a result.
Both the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are enjoying outsized gains at midday as well, thanks to upbeat economic data; the Institute for Supply Management (ISM) non-manufacturing index grew at a better-than-expected rate last month. Plus, the ADP private payrolls report jumped by a larger-than-estimated margin.
Continue reading for more on today's market, including:
- Dollar Tree stock took a hit after earnings this morning.
- Upgrade gives Chipotle stock a boost.
- Plus, Twitter options traders call bottom; HPE dinged by forecast cut; and Waste Management gets big upgrade.
One stock sporting unusual options volume today is Twitter Inc (NYSE:TWTR). So far 90,000 puts have crossed the tape, four times the average expected rate, with volume pacing in the 100th annual percentile. The most popular so far today is the April 33 put, where it looks like positions are being sold. Today, the social media stock is trading at $35.04, and is up 9.2% in 2020, so those selling those puts see the $33 level as a floor for the next few months.
Tech stock Hewlett Packard Enterprise Co (NYSE:HPE) is near the bottom of the New York Stock Exchange this afternoon, last seen down 8% at $11.58, and earlier hit a three-and-a-half year low of $11.49. This comes after the software company cut its free cash flow forecast for 2020 due to the COVID-19 outbreak. Seven brokerages have issued price-target cuts this morning already, the lowest coming from Credit Suisse to $11.50. HPE is now down 26% year-to-date
Waste Management, Inc. (NYSE:WM) is up 3.7% to trade at $117.34 today, after UBS upgraded the trash specialist to "buy" from "neutral," while upping its price target to $132 from $116. That's record high territory for WM, which has reclaimed its year-to-date breakeven level, as well as its 200-day moving average today, the latter of which served as support in late 2019.
