Stocks Eye Massive Rally to Kick Off New Month, Quarter

Treasury yields continue to cool off

Deputy Editor
Oct 3, 2022 at 12:02 PM
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Markets are looking to rally to kick off October and the new quarter, with the Dow Jones Industrial Average (DJI) last seen roughly 680 points higher, while the S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) also boast strong gains. The 10-year Treasury note rolled over, hitting 3.7% today after moving above 4% last week.

Analysts have drawn parallels between the 2008 crash and what the major benchmarks are experiencing in this inflation-laden year, with shares of Swiss bank Credit Suisse (CS) plunging amid a widening credit default swap level. However, Citigroup weighed in today, saying the European bank isn't in such a dire situation just yet.

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

  • MoffettNathanson questions this gaming platform's ambitions.
  • This software stock has a lot of upside, says analyst.
  • Plus, APPS puts pop; Vertiv announces new CEO; and Blue Apron announces equity raise program.

Midday Market Stats October 032022

Digital Turbine Inc (NASDAQ:APPS) is seeing a pop in bearish options activity today, with 2,649 puts exchanged so far, which is double the intraday average, compared to 992 calls. The most popular position is the weekly 10/7 14.50-strike put, followed by the October 14.50 put, with positions being opened at both contracts. While APPS is up 3.8% at $14.96 this afternoon, the stock has shed roughly 20% over the last two months. The $14 level has stepped up as a floor for Digital Turbine stock this year, though pressure from the 100-day moving average has pushed the equity to a 75.8% year-to-date deficit.

APPS Chart October 32022

Vertiv Holdings Co (NYSE:VRT) is one of the best performing equities on the New York Stock Exchange (NYSE) today. Shares of the infrastructure technology concern were last seen up 15.4% at $11.23, after announcing its departing CEO's successor and updating its outlook for 2023. On the charts, Vertiv stock has struggled since a massive late-February bear gap pushed the shares below $19. The security now stands 54.7% lower in 2022.

Meanwhile, sitting at the bottom of the NYSE is Blue Apron Holdings Inc (NYSE:APRN). The equity was last seen down 32% at $3.91, after the meal-kit delivery firm announced plans to seek a $15 million equity raise program. Blue Apron has traded in penny-stock territory on-and-off for much of 2022, and sports a 49.8% year-over-year deficit. 

 

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