Markets Mixed But Pacing for Weekly, Monthly Wins

Some Big Tech names turned in dismal quarterly reports

Deputy Editor
Oct 29, 2021 at 12:06 PM
facebook twitter linkedin

Stocks are mixed as midday, with the Dow Jones Industrial Average (DJI) staging a modest comeback -- last seen up 56 points -- thanks to upbeat earnings reports from energy names like index member Chevron (CVX). The S&P 500 Index (SPX) is just below breakeven, while the tech-heavy Nasdaq Composite (IXIC) is  swimming in red ink following dismal quarterly reports from the likes of (AMZN) and Apple (AAPL). Despite today's volatility, all three major benchmarks are pacing for substantial weekly and monthly wins. Wall Street's "fear gauge," the Cboe Market Volatility Index (VIX), meanwhile, is headed for its biggest monthly drop since March.

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

  • Amazon stock plummets on lackluster earnings and revenue.
  • Apple loses $6 billion in revenue amid supply chain issues.
  • Plus, LAC gets a bull note; RVI hits a new annual peak; and Zendesk hit with downgrades.

Midday Market Stats October 29

Lithium Americas Corp (NYSE:LAC) is seeing a surge in call activity today, with 11,000 calls across the tape so far today, which is four times the intraday average and nearly 10 times the amount of puts traded. The most popular contract by a wide margin is the November 30 call. Last seen up 6.3% to trade at $29.65, after TD Securities initiated coverage on the Canada-based resource company with a "hold" rating and a $36C price target. Today's pop, with a little help from the ascending 10-day moving average, put the equity at a new all-time high, surpassing its Jan. 19 peak of $28.75. Year-to-date, LAC is up 131.8%.

LAC Chart October 29

Near the top of the New York Stock Exchange (NYSE) today is Retail Value Inc (NYSE:RVI). The reason for today's positive price action is unclear, but RVI was last seen up 25.2% at $6.41 to trade at its highest level since January 2020, though earlier the stock fell as much as 75% in pre-market trading thanks to some short squeeze action. Year-over-year, Retail Value stock has added 186.3%. The equity is pacing for its fifth-consecutive monthly win, as well as its biggest single-day percentage pop in at least two years. 

Near the bottom of the NYSE is Zendesk Inc (NYSE:ZEN), which was last seen down 20.5% at $94.80. The software development name is being blasted with bear notes today, despite the company psoting third-quarter profits that fell in line with analysts' estimates, and revenue that topped expectations. The brokerage bunch is instead, wringing their hands over Zendesk's $4 billion acquisition of SurveyMonkey, which Jefferies called "thesis-changing." Zendesk stock is now trading at its lowest level in over a year, sporting a 33.2% year-to-date deficit.


Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 



Special Offers from Schaeffer's Trading Partners