Stocks Move Higher, Sentiment Boosted by Strong Earnings

Earnings season has gotten off to an immaculate start

Deputy Editor
Oct 19, 2021 at 11:56 AM
facebook twitter linkedin


Stock are extending their leads this afternoon, as strong third-quarter earnings reports continue to roll in. In turn, sentiment is rising despite rising cases of Covid-19, and the impact of the virus on the supply chain, which threatens to derail corporate America's profit recovery. Keeping a lid on gains, however, is a slew of economic data, including a wider-than-expected drop in housing starts and disappointing building permits data. At last check, the Dow Jones Industrial Average (DJI) is up around 145 points, while the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) also sport considerable leads. 

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

  • Goldman Sachs loves this blue-chip retailer
  • ChargePoint stock earns new bullish coverage.
  • Plus, call traders target DiDi stock; 1 NYSE newbie flying up the charts; and Silvergate's record crypto deposits. 

Midday Market Stats October 19

One stock seeing a healthy amount of call activity today is DiDi Global Inc (NYSE:DIDI), with 49,000 calls crossing the tape already today, which is five times the intraday average. By far, the most popular contract is the weekly 10/29 9-strike call, where new positions are being bought to open. DiDi Global stock is up 2.7% at $8.46, though the catalyst for today's jump remains unclear. The China-based ride-hailing giant is still facing pressure from the $8.50 level, while facing off with the newly formed 60-day moving average. In the last three months, DID has shed nearly 25%.

DIDI Chart 2 October 19

At the top of the New York Stock Exchange (NYSE) is Full Truck Alliance Co Ltd (NYSE:YMM), last seen up 13.4% at $16.31, though the equity topped out near $16.50 earlier in the day. Although the catalyst for the breakout is unknown, Full Truck Alliance stock is seeing support from the 10-day moving average once again, which has put pressure on the shares for the better part of October. An NYSE newbie, the equity went public in June, and is up 7% for the quarter.

Near the bottom of the NYSE is Silvergate Capital Corporation (NYSE:SI), last seen down 12.5% to trade at $138.48, despite an upbeat third-quarter earnings report. Specifically, Silvergate reported earnings and revenue that topped Wall Street's estimates, and record cryptocurrency deposits which grew to $11.2 billion. Up an incredible 675.3% year-over-year, today's dip marks the equity's biggest single-day pullback since April.

 

Now is the time to join our thriving community of Event Traders who consistently profit from every earnings season. With this discounted subscription opportunity, you'll stay ahead of the curve and seize opportunities others miss. Do not let Q3 earnings season pass you by – subscribe now and supercharge your portfolio with expert insights that turn market reactions into profit-generating opportunities!! Don't waste another second... join us right now before the next trade targeting +200% is released!