Stocks Pivot Lower as Stimulus, Jobs Data Weigh

Vaccine news and jobs data also weighed on sentiment

Deputy Editor
Dec 2, 2020 at 11:49 AM
facebook X logo linkedin

Despite a strong start to December, the Dow Jones Industrial Average (DJI) is down 11 points at midday, after Senate Majority Leader Mitch McConnell passed on a bipartisan proposal for a $908 billion stimulus package last night. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are marginally lower as well, just a day after the two indexes logged record highs. Today's slip also comes despite the U.K. granting emergency authorization for Pfizer (PFE) and BioNTech's (BNTX) vaccine, and a fresh round of disappointing jobs data in the U.S. 

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

  • stock plunged following its big buyout.
  • Bull notes roll out for Kohl's stock after partnering with Sephora.
  • Plus, one cannabis stock with notable call activity; more on TG's dividend announcement; and why Veeva's earnings beat wasn't enough.
Midday Market Stats December 2


One stock seeing notable options activity today is, Inc. (NYSE:CRM), after plans for the company's aforementioned buyout of Slack Technologies (WORK) was announced and priced at $27.7 billion. So far today, 217,000 calls and 92,00 puts have crossed the tape, 10 times the average intraday pace. Most popular is the weekly 12/4 220-strike call, where new positions are being opened. Year-to-date, CRM remains up 37%, and this afternoon was last seen down 7.6% at $223.94.

CRM Chart December 2

One stock surging on the New York Stock Exchange (NYSE) today is Tredegar Corporation (NYSE:TG). TG was last seen up 24.1% to trade at $20.74, after the company announced a special dividend of $200 million or $5.97 per share. Today's rise has the equity trading near pre-pandemic levels, and has the stock up 39.5% for the quarter. 


On the opposite end of the NYSE, Veeva Systems Inc (NYSE:VEEV) is down 7.2% to trade at $264.24, despite yesterday reporting third-quarter earnings and revenue that topped analysts' expectations. Yesterday, the equity rose above its 80-day moving average for the first time since Nov. 6. However, it's now facing pressure from the trendline today, and sports a 5% year-to-date deficit. 


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI