Benchmarks Rise as Consumer Sentiment Drops to Decade Low

All three benchmarks are on still on track for weekly losses

Deputy Editor
Nov 12, 2021 at 12:00 PM
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The Dow Jones Industrial Average (DJI) is looking to snap its three-day losing streak, up 152 points midday, while the S&P 500 (SPX) and Nasdaq Composite (IXIC) are comfortably in the black as well. However, all three indexes are still on track for weekly lossesmarking each index's first weekly drop in six. Investors are eyeing plenty of economic data to close out the week, including the University of Michigan Consumer Sentiment Index, which dropped to a lower-than-expected 66.8 for November -- its lowest reading since November of 2011. Plus, data showed that a record-setiing 4.43 million people quit their jobs in September, while there were 10.44 million employment openings that month. 

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

  • Chip stock continues to cool from record highs after downgrade.
  • Johnson & Johnson in the spotlight on historic company update
  • Plus, options traders blast SNDL; analysts target MAPS and MRAM after earnings. 

MMC Nov12

Penny stock Sundial Growers Inc (NASDAQ:SNDL) is seeing an options surge today, with volume running at 15 times the intraday average. So far, 507,000 calls and 33,000 puts have crossed the tape, with the November 1 call the most popular. SNDL is up 15.6% to trade at $0.83 cents at last check, after the weed company announced its third-quarter earnings report and share repurchase program.

Near the top of the Nasdaq today is Everspin Technologies Inc (NASDAQ:MRAM), up 37.5% to trade at $9.00 at last check, after the company's better-than-expected third-quarter results. In response, Needham and Craig-Hallum lifted their price targets to $12 and $11, respectively. Earlier surging as high as $10.19, MRAM is trading at three-year highs. Year-to-date, the stock is up 98%. 

Conversely, WM Technology Inc (NASDAQ:MAPS) is near the bottom of the Nasdaq today, down 22.4% at $9.00 -- a new record low. The company reported a third-quarter revenue miss, after which Piper Sandler and Truist Securities slashed their price targets to $14 and $15, respectively. A far cry from its February peak of $29.50, MAPS is down 66.2% in the last nine months. 

MAPS Nov12

 

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