Investors are unpacking upbeat jobs data for October
The Dow Jones Industrial Average (DJI) is taking a breather from its impressive election week rally today, but is still pacing for its best week since early April. The S&P 500 (SPX) and Nasdaq Composite (IXIC) are also on their way to their best week since April, despite the latter posting a modest midday loss.
Investors are unpacking upbeat jobs data, with U.S. employment down to 6.9% in October from September's 7.9% -- much lower than the anticipated 7.7% -- while October's job growth topped estimates as well. Elsewhere, the presidential election is still at the center of the nation's attention, while all eyes remain on the Senate, with Georgia having the potential to swing the majority.
Continue reading for more on today's market, including:
- CVS stock climbs on CEO buzz, earnings.
- Nine cannabis stocks are in focus this election week.
- Plus, options traders jump on TMUS post-earnings; analysts adjust Trade Desk ratings after top-line beat; and software stock takes a breather.
One stock seeing notable options activity today is T-Mobile US Inc (NASDAQ:TMUS), up 5.9% at $124.22 at last check, after an upbeat third-quarter report. To follow, no fewer than five analysts raised their price targets, including Cowen and Company all the way to $159 from $133. So far today, 42,000 calls have crossed the tape so far -- 35 times what's typically seen at this point with volume pacing for the highest percentile of its annual range. The December 135 call is the most popular, where new positions are being opened.
Meanwhile, Trade Desk Inc (NASDAQ:TTD) is gapping to a new record high, up 25.4% at $810.92 at last check. Today's soaring price action comes after the company's blowout earnings and revenue, which came in far higher than analyst expectations. Following the report, no fewer than six analysts hiked up their price targets -- Susquehanna all the way to $925 from $600. Now trading at nearly six times its March lows, the equity is up 211% year-to-date.
Elsewhere, dropping 14.8% to trade at $123.19 on the New York Stock Exchange (NYSE) is Alteryx Inc (NYSE:AYX). Today's fall comes despite better-than-expected third-quarter results, after which three analysts cut their price targets -- including D.A. Davidson to $130 from $137 -- while J.P. Morgan raised its price target to $98 from $80. The $121 area has emerged as a consistent floor amid recent pullbacks, and the security is still up 22% year-to-date.