The major benchmarks are muted midday
The major indexes are starting the week on a quiet note, paring most of their morning gains as they head into what's looking to be a static afternoon. The Dow Jones Industrial Average (DJI) is up just 4 points midday, while the S&P 500 (SPX) and Nasdaq Composite (IXIC) have both slipped below their respective breakeven levels. Shares of Tesla (TSLA) are weighing on the tech sector amid Elon Musk's latest threats to sell even more of his stock. Meanwhile, over in Washington D.C., President Joe Biden is scheduled to sign the long-awaited Infrastructure Investment and Jobs Act today.
Continue reading for more on today's market, including:
- Dollar Tree stock jumps higher after Mantle Ridge takes stake.
- The pet retailer brushing off an analyst downgrade.
- Plus, options bears blast BEKE; PNBK soars after merger agreement; and TLS hits record lows.
KE Holdings Inc (NYSE:BEKE) is being targeted by options bears today. Though the reason behind it is unclear, 36,000 puts have crossed the tape so far, which is 18 times the intraday average. The November 20 put is the most popular by far, with new positions being bought to open there. At last look, BEKE was up 3.1% to trade at $23.30.
Near the top of the Nasdaq today is Patriot National Bancorp Inc (NASDAQ:PNBK). The stock is up 48.7% to trade at $14.94 at last check, after news that the company has agreed to merge with American Challenger Development Corp to create the largest American challenger bank, and will still trade under the same ticker after the deal is closed. Year-over-year, PNBK is up roughly 109%.
Conversely, Telos Corp (NASDAQ:TLS) is at the bottom of the Nasdaq, after missing its third-quarter earnings and revenue estimates. Down 33.3% to trade at $16.27 at last glance, TLS hit a record low of $14.80 earlier today, after a year of being publicly traded. Before today's drop, the 30-day moving average helped guide Telos stock lower. Year-to-date, the security is down 50.3%.
