Market Mixed as Investors Weigh Earnings, Positive Jobs Data

The SPX is once again just beneath its record closing high

Laura McCandless
Aug 13, 2020 at 12:09 PM
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The Dow Jones Industrial Average (DJI) is down over 70 points at midday, as travel stocks struggle and Cisco Systems (CSCO) plummets to its worst day in nearly a decade, on the heels of a dismal first-quarter forecast. The S&P 500 Index (SPX) is hovering above fair value, struggling for yet another day to reach a record closing high, while the Nasdaq Composite (IXIC) sits comfortably in the black as Big Tech rises. Meanwhile, investors are digesting the positive U.S. weekly jobs data, as initial jobless claims fell below 1 million for the first time since March.  

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

  • Kate Spade parent slides on dismal outlook. 
  • Theater giant pops on reopening buzz. 
  • Plus, TJX sees surge in options volume; tech company soars as analysts chime in; and Vroom stock falls despite an earnings beat. 

mmc august 13

One stock seeing notable activity in its options pits is TJX Companies Inc (NYSE:TJX), down 1.5% at $56.84 at last check, just one day after J.P. Morgan Securities established a 2021 price target of $63, versus 2020's $60. So far, 13,000 calls and 14,000 puts have crossed the tape -- 10 times what's typically seen at this point. The September 62.50 call is the most popular, followed by the 55 put in the same session, with new positions being opened at both. Year-to-date, the equity is down 6.7%. 

One stock scaling the Nasdaq today is Aspen Technology, Inc. (NASDAQ:AZPN), up 30.7% at $127.71 at last check, after a better-than-expected fiscal fourth-quarter report. To follow, no fewer than three analysts raised their price targets -- Berenberg to $150. Earlier the stock was just shy of $135, trading at levels not seen since late January. Now, the equity is up 5.3% year-to-date. 

AZPN August 13

Conversely, dropping on the Nasdaq is Vroom Inc (NASDAQ:VRM), last seen down 17.6% at $56.83, after the company posted disappointing revenue. Following this, no fewer than two analysts have hiked their price targets, including Wedbush to $80. Currently, the stock is still up 29% in the last monthly period. 


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