Stocks Mixed as Gains in Tech Clip Weight of Jobs Data

U.S. jobless claims came in over 1 million once again

Deputy Editor
Aug 20, 2020 at 12:16 PM
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The Dow Jones Industrial Average (DJI) is down over 40 points midday, as investors digest weekly jobless claims coming in back over the 1 million mark. One silver lining for the labor market, however, is continuing claims, which fell to 14.84 million from 15.48 million. Meanwhile, the S&P 500 Index (SPX) is at flatline, while the Nasdaq Composite (IXIC) gains on outperforming tech stocks. 

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

  • Fast food stock fired up on analyst praise. 
  • Tesla rival announces an affordable service for its electric cars. 
  • Plus, puts pop on oil and gas stock; CTRN rises on quarterly results; and the plummeting software stock. 

mmc August 20

One stock seeing notable activity in its options pits is oil and gas stock Matador Resources Company (NYSE:MTDR), down 1.2% at $9.90 at last check. So far, 30,000 puts have crossed the tape, a whopping 321 times what's typically seen at this point. The near entirety of this volume is the August and September 10-strike puts, with positions opening at the latter. Though the reason for today's bearish options surge is unclear, MTDR is up 17.5% in the last three months.

One stock scaling the Nasdaq today is Citi Trends Inc (NASDAQ:CTRN), last seen up 9.4% at $20.13 after positive second-quarter results. More than double its early-April lows, CTRN has been scaling the charts, though now seeing pressure above the $20 region. Down 13% year-to-date, the stock is eyeing its third-straight week of gains.

Conversely, software company Opera Ltd (NASDAQ:OPRA) is down 22.2% at $8.05 after announcing its second-quarter results. The firm reported better-than-expected earnings per share, but posted revenue that was much lower than anticipated. Now dropping to late-June support at the $8 region, the 200-day moving average has swooped in to catch today's pullback. Year-to-date, the equity is down 13.1%. 

OPRA mmc August 20

 

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