Schaeffer's 43rd Anniversary Stock Picks in 2024

Investors Wary of Potential Fed Response to Resilient Labor Market

U.S. Job Openings rose to 10.7 million in September

Deputy Editor
Nov 1, 2022 at 11:59 AM
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Stocks are pulling back from their morning gains, following data that showed U.S. job openings rose to 10.7 million in September. This is an increase from August's 10.3 million and a sign that the labor market is stronger than the Federal Reserve would like, which could lead to more policy tightening in the near future. Meanwhile, the ISM manufacturing index fell to its lowest reading since May 2020, after dropping 0.7 percentage points to 50.2 in October.

At midday, the Dow Jones Industrial Average (DJI) is down 166 points, while the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are also treading in the red, as November looks to kick off on a low note.  

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

  • Options bulls target Pfizer stock after strong quarter. 
  • Carvana stock hit with analyst adjustments
  • Plus, SOFI options surge; ABMD tops the Nasdaq; and VRNS slammed with downgrades. 

MMC Nov1

SoFi Technologies Inc (NASDAQ:SOFI) is seeing a surge of bullish options activity, following the stock's third-quarter earnings beat and raised forecast. SoFi Technologies stock is at the top of the trending list on Stocktwits today, and so far, 325,000 calls and 75,000 puts have been exchanged. The weekly 11/4 6.50-strike call is the most popular, with new positions being opened there. Soaring up 14% to trade at $6.20 at last check, SOFI appears to be running into pressure from its 150-day moving average.

SOFI Nov1

Abiomed Inc (NASDAQ:ABMD) is at the top of the Nasdaq today, up 50.4% at $378.97 at last glance, after news that Johnson & Johnson (JNJ) is buying the company for $16.6 billion in an all-cash deal. On the charts, the stock found support at the $240 level over the past couple months, and is now up 5.5% year-to-date. 

Conversely, Varonis Systems Inc (NASDAQ:VRNS) is at the bottom of the Nasdaq, last seen down 33.1% at $17.90 and on the short sell restricted (SSR) list today. The software name slashed its full-year forecast after its third-quarter revenue missed estimates, and received no fewer than four downgrades along with several price-target cuts in response. Year-to-date, the equity is down 63.3%. 

 

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