S&P 500, Nasdaq Pivot Higher as Tech Bounces Back

Better-than-expected jobless data is boosting investor sentiment

Deputy Editor
Aug 19, 2021 at 12:13 PM
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The Dow Jones Industrial Average (DJI) is down 130 points at midday, as the Federal Reserve's meeting minutes continue to weigh on investors' minds. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) managed to sneak into black territory, though, as the latter got a boost from some heavy-weight tech names. Jobs data is injecting some positivity into the market as well, with initial jobless claims for last week coming in at a narrower-than-expected 348,000. Meanwhile, the Philadelphia Fed Index dropped to 19.4 in August for a fourth-straight monthly decline, which is lower than Wall Street's anticipated reading of 22. 

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

  • Why this FAANG name scored a lofty bull note
  • Cisco stock draws analyst attention with quarterly win.
  • Plus, options traders target struggling GOEV; Macy's hikes revenue forecast; and worker shortage hits RRGB.

MMC 0819

Canoo Inc (NASDAQ:GOEV) is seeing a surge in options activity today. The stock was last seen down 5.4% at to trade at fresh record low of $5.82, after the company posted wider-than-expected second-quarter losses. So far, 11,000 calls and 11,000 puts have crossed the tape, with volume running at six times what is generally seen at this point. The most popular is the August 15 put, followed by the September 10 call, with new positions being opened at the latter. The 20-day moving average has been guiding shares lower since July, and over the last six months GOEV has shed 62.7%.

One stock enjoying a post-earnings pop on the New York Stock Exchange (NYSE) today is Macy's Inc (NYSE:M), up 15.4% at $20.90 at last check. The massive retailer posted better-than-expected second-quarter earnings of $1.29 per share, as well as an upbeat revenue forecast. There is plenty of room for optimism among the brokerage bunch, as six of the seven analysts in coverage carry a tepid "hold" or worse rating on the stock. However, a familiar ceiling at the $21 level appears to be keeping a cap on today's gains. Year-over-year, M sports an impressive 221.9% lead.

M 0819

Meanwhile, Red Robin Gourmet Burgers Inc (NASDAQ:RRGB) is plummeting, down 22.1% to trade at $19.13 at last check. The restaurant's second-quarter earnings missed analysts' estimates due to the worker shortage. In turn, Jefferies and Raymond James cut their price targets to $28 and $40, respectively. The security is now trading at its lowest level since January, while also grappling with its year-to-date breakeven. 

 

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