S&P 500, Nasdaq Look to Extend Monthly Win Streaks

Meanwhile, home prices broke annual records in June

Deputy Editor
Aug 31, 2021 at 12:14 PM
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The Dow Jones Industrial Average (DJI) is up 36 points midday, while the S&P 500 Index (SPX) is flat, and the Nasdaq Composite (IXIC) sits quietly in the red, as Zoom Video (ZM) weighs on the tech-heavy benchmark. All three major indexes are on track for monthly gains, with the SPX pacing for its seventh-straight monthly win, while the Nasdaq is pacing for its third-straight monthly win.

Meanwhile, the Case-Shiller national home price index showed home prices added 18.6% annually in June -- the largest annual gain since its inception in 1987. Elsewhere, the Pentagon said the U.S. completed evacuation efforts at Kabul airport, with President Joe Biden set to address the nation this afternoon in regards to his decision to end the war in Afghanistan. 

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

  • Space travel name flies on fresh analyst coverage
  • Blowout earnings boosts Designer Brands stock.
  • Plus, options traders target GSAT; AZRE surges after earnings; and ZM pacing for worst day since November.

MMC 0831

Globalstar Inc (NYSE:GSAT) is seeing heightened options activity today, as the stock corrects from yesterday's massive bull gap, which came after news that Apple's (AAPL) iPhone 13 will be able to utilize satellite communications. At last check, GSAT is down 17.7% at $1.94. So far, 66,000 calls and 12,000 puts have crossed the tape, which is six times what is typically seen at this point. The September 2.50 call is by far the most popular option. Year-over-year, Globalstar stock sports a whopping 477.6% lead.

Azure Power Global Ltd (NYSE:AZRE) is surging today, up 17.9% at $23.01 at last check, after the company's fiscal first-quarter results. The solar power producer name earnings of 20 cents per share -- better than analysts' estimates of 2 cents per share -- as well as a revenue beat, as quarterly profits soared compared to last year. The equity has struggled with overhead pressure at the 130-day moving average since February, and is off 43.5% year-to-date.

AZRE mmc

Meanwhile, Zoom Video Communications Inc (NASDAQ:ZM) is on track for its worst day since November, last seen down 16.2% to trade at $291.07. Though the company reported better-than-expected second-quarter earnings, there is hesitance surrounding its future success, as the video conferencing name announced a faster-than-expected slowdown in demand, and a worse-than-anticipated third-quarter outlook. To follow, no fewer than seven analysts cut their price targets. Quarter-to-date, ZM has shed 24.5%.


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