Major Benchmarks Hit Fresh Highs on Pfizer News, Employment Data

Upbeat employment data is giving the market a boost

Deputy Editor
Nov 5, 2021 at 12:17 PM
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Stocks are extending this morning's gains, as news that Pfizer's (PFE) Covid-19 antibody pill has been shown to cut the risk of hospitalization by 89% gives travel stocks a boost. Plus, nonfarm payrolls increased by a better-than-expected 531,000 in October, while the unemployment rate dropped to a new pandemic-era low of 4.6%. The Dow Jones Industrial Average (DJI) is up 291 points midday, while the S&P 500 (SPX) and Nasdaq Composite (IXIC) are both eyeing their seventh-straight record closing highs. All three benchmarks are trading at fresh intraday highs, and on track for sizeable weekly wins. 

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

  • Call traders chime in on Canada Goose ahead of the holiday season. 
  • Analysts praise travel stock's path to recovery after earnings. 
  • Plus, options traders target CCL; SHAK soars to multi-month highs; and PTON sees deluge of downgrades. 

MMC Stats 1105

Cruise stock Carnival Corp (NYSE:CCL) is seeing a surge in options activity today, with volume running at five times the intraday average. So far, 194,000 calls and 33,000 puts have crossed the tape. The November 28 call is the most popular, with new positions being opened there. CCL is up 6.6% to trade at $24.38 at last check, as the Pfizer pill news boosts travel stocks. Today's pop has the stock jumping above a slew of trendlines, including the 60-day moving average. 

CCL 1105

Near the top of the New York Stock Exchange (NYSE) today is Shake Shack Inc (NYSE:SHAK), up 23% to trade at $96.04 at last check. The company reported third-quarter losses of five cents per share, which is just above analysts' expected losses of six cents per share, but lower-than-expected revenue. BTIG upgraded SHAK to "buy" from "neutral, while Truist Securities raised its price target to $100 from $90. However, no fewer than four analysts chimed in with price-target cuts. Today's pop has the stock jumping to its highest level since early August. 

Elsewhere, Peloton Interactive Inc (NASDAQ:PTON) is plummeting, after the exercise equipment name reported fiscal first-quarter losses and revenue that missed analysts' expectations, and lowered its full-year sales forecast by a whopping $1 billion. Analysts are hurling bear notes at the stock, with no fewer than five downgrades, as well as a deluge of price-target cuts. Down 32.2% to trade at $58.32 at last glance, the equity has dropped $9 billion in market value. 


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