S&P 500, Nasdaq Bounce Back as Dow Heads for 3rd-Straight Loss

The tech-heavy Nasdaq is firmly in the black midday

Deputy Editor
Nov 11, 2021 at 12:04 PM
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The Dow Jones Industrial Average (DJI) is down 91 points midday, as Walt Disney's (DIS) dismal earnings report weighs on the benchmark. Should these losses hold, the blue-chip index will log its third-straight daily loss. The S&P 500 (SPX), however, is modestly higher, while the Nasdaq Composite (IXIC) is up triple digits, as several tech and electric vehicle stocks surge. Both indexes are looking to bounce back from yesterday's selloff due to inflation fears. 

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

  • SoFi stock receives a bull note after impressive quarterly results. 
  • Underperforming electric vehicle name on the rebound ahead of today's report. 
  • Plus, call traders target Zillow rival; FOSL jumps higher after earnings; and PSFE plummets on lowered guidance. 

MMC Nov11

Opendoor Technologies Inc (NASDAQ:OPEN) stock is seeing a surge in call volume today. The stock is up 17.9% to trade at $23.00, after the Zillow (ZG) competitor reported narrower-than-expected third-quarter losses per share, as well as a revenue beat. So far, 130,000 calls have crossed the tape, which is seven times the intraday average, and over five times the amount of puts. The weekly 11/12 27-strike call is the most popular, followed by the November 23.50 call, with new positions being opened at both. 

Near the top of the Nasdaq today is Fossil Group Inc (NASDAQ:FOSL), up 30.4% to trade at $18.05 at last check, after the company's upbeat third-quarter earnings and raised forecast. Earlier jumping as high as $20.00 for the first time since late January of this year, FOSL is up 110.4% year-to-date. 

FOSL Nov11

Meanwhile, plummeting to the bottom of the New York Stock Exchange (NYSE), Paysafe Ltd (NYSE:PSFE) is down 40.5% to trade at $4.42 at last glance. The company, which has been publicly traded for a little over a year, is gapping to record lows after cutting its full-year revenue forecast, with CEO Philip McHugh citing market and performance challenges within the digital wallet business. Year-to-date, PSFE is down roughly 71%. 

 

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