Benchmarks Pull Back Ahead of Jackson Hole Symposium

Investors are also unpacking economic data

Assistant Editor
Aug 26, 2021 at 11:59 AM
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The major benchmarks are on track to snap their win streaks today, as investors clue in to any new details or remarks regarding the highly-anticipated Jackson Hole symposium. Initial weekly jobless claims for last week came in at a slightly higher-than-expected 353,000, rising from the previous week, while the second-quarter gross domestic product (GDP) increased 6.6%. Also in focus are two explosions that happened near the Kabul airport in Afghanistan today. At last check, the Dow Jones Industrial Average (DJI) was down 42 points, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are both falling from yesterday's record highs. 

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

  • Lordstown Motor stock soars on CEO buzz
  • SAVA rebounds after allegations sparked a session plummet. 
  • Plus, blue-chip name sees options surge; PSTG jumps after earnings; and SLQT takes a nosedive.

MMC 0826

Blue-chip name Salesforce.com Inc (NYSE:CRM) is seeing an explosion of options activity today, after the company announced positive second-quarter results and raised its full-year guidance. No fewer than 22 analysts hiked up their price targets as well. So far today, 161,000 calls and 58,000 puts have crossed the tape -- nine times the intraday average, with volume pacing for the 99th percentile of its annual range. The weekly 8/27 280-strike call is the most popular, where new positions are being bought to open. 

Meanwhile, Pure Storage Inc (NYSE:PSTG) is enjoying a post-earnings bull gap today, up 14.4% at $23.97, after the company's strong second-quarter results and upbeat forecast. No fewer than seven analysts have lifted their price targets, including J.P. Morgan Securities to $34 from $32. Today's pop has the equity breaking past its 200-day moving average, which has kept a lid on the shares since the start of May.

MMC PSTG

Conversely, SelectQuote Inc (NYSE:SLQT) is one of the worst-performing stocks today, down 44.5% to trade at $7.96 at last check -- earlier hitting a new record low of $7.72. The company announced a fiscal fourth-quarter earnings miss after the close yesterday, and received two downgrades, KBW cutting its rating to "market perform" from "outperform" and RBC to "sector perform" from "outperform." Plus, two more analysts chimed in with price-target cuts. Year-to-date, the equity is down 61.4%. 

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