The Dow is up over 1,000 points to start November
The broader market is so far enjoying an Election Day rally, with the Dow Jones Industrial Average (DJI) extending its morning gains to rise over 650 points. The blue-chip index is eyeing an over 1,000-point pop in the first two trading days of November.
The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are posting hefty gains as well, with the latter in triple-digits as optimistic manufacturing data gives the indexes a boost. As election results near, investors are hopeful that a winner will be determined quickly, with the influx of mail-in ballots causing many to fear of a delayed result and of the confusion it could bring.
Continue reading for more on today's market, including:
- PayPal stock drops on shaky fourth-quarter forecast.
- Membership growth boosts Wayfair stock.
- Plus, options traders undeterred by MOS pullback; INSP rises on an array of bull notes; and the renewable energy stock plummeting.
One stock seeing notable options activity on the New York Stock Exchange (NYSE) today is The Mosaic Company (NYSE:MOS), down 11.2% at $17.37 at last check. The company announced an upbeat third-quarter report and received a price-target hike from UBS to $24, however, Scotiabank chimed in with a downgrade to "sector perform" from "sector outperform." Following today's news, 14,000 calls and 4,623 puts have crossed the tape -- total options volume that's six times what's typically seen at this point. Most popular is the November 19 call, where new positions are being opened. Now trading at its lowest level since August, the equity is down around 21% year-to-date.
Meanwhile, Inspire Medical Systems Inc (NYSE:INSP) is up 23.7% at $150.66 at last check, gapping to a new record high, after better-than-expected third-quarter revenue. To follow, no fewer than seven analysts raised their price targets, with the highest hike coming from SVB Leerink to $170 from $150. Year-to-date, the equity is up 103%.
One of the Nasdaq's biggest laggards is SolarEdge Technologies Inc (NASDAQ:SEDG) plummeting 23.3% to trade at $205.30. Though producing better-than-expected earnings per share, the alternative energy company's revenue missed estimates. To follow, Oppenheimer cut its rating to "perform," while Northland Capital downgraded the stock to "underperform," amid four other price-target cuts. Now gapping below its 80-day moving average -- which caught a pullback in September -- the stock is still up 160% year-over-year.
