September Trading Kicks Off as Nasdaq Notches Another Peak

The major indexes are relatively muted as they come off monthly wins

Digital Content Manager
Sep 1, 2021 at 12:25 PM
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Stocks are kicking off September on a quiet note, though the Nasdaq Composite (IXIC) earlier hit a fresh intraday high, as tech gets a boost from Apple (AAPL), which also just nabbed a fresh peak. The S&P 500 Index (SPX) is higher as well, coming off its seventh-consecutive monthly win in August -- its longest streak since 2017. The Dow Jones Industrial Average (DJI) meanwhile, is eyeing a roughly 40-point drop, as Wall Street eyed a disappointing jobs report for August, which revealed a 374,000 rise in payroll services -- much lower than the 600,000 anticipated.  

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

  • This grocery store stock looks overdue for some analyst coverage. 
  • Airline giant slammed over pandemic-related working conditions. 
  • Plus, options bulls eye more upside for WOOF; GBS topples key trendline; and VRA lowers FY guidance. 

midday stats sept 1

Petco Health and Wellness Company Inc (NASDAQ:WOOF) is seeing a surge in bullish options activity today, with 16,000 calls exchanged so far -- 13 times the intraday average. The most popular is the weekly 9/10 23-strike call, followed by the weekly 9/3 22.50-strike call, with positions being opened at both. WOOF was last seen up 2.1% at $21.97, and the company just announced the debut of its "Bootique" collection, which will include a wide array of costumes for all types of pets. WOOF is eyeing its first close above recent pressure at its 80-day moving average since mid-June. 

One of the top performing stocks on the Nasdaq today is Gbs Inc (NASDAQ:GBS). The equity was last seen up 29.8% to trade at $4.16. Though the reason for today's surge is not quite clear, an article from Seeking Alpha might be drawing investors to GBS, after it said the stock has a low float and could be a good candidate for day traders. The stock earlier hit its highest level since mid-July and looks set for its first close above its 100-day moving average since the trendline's formation in May. For the year, GBS is still off over 40%. 

gbs chart sept 1

Vera Bradley, Inc. (NASDAQ:VRA) is one of the worst performing stocks on the Nasdaq today, down 16.6% at $9.56 at last check. The company just shared a second-quarter profit and sales miss, and lowered its full-year revenue outlook. VRA is trading at its lowest level in nearly six months, breaching recent support at its 140-day moving average, and pacing for its biggest one-day drop in more than a year. 

 

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