Stocks Cool as Congress Control Remains Unclear

It's still unclear which political party will take control of Congress

Deputy Editor
Nov 9, 2022 at 12:00 PM
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Stocks are firmly lower midday, with the Dow Jones Industrial Average (DJI) down over 200 points as many critical midterm election results remain unclear. Races in Georgia, Nevada, and Arizona --three states that will determine the political fate of Congress -- are too close to call at the moment.

Walt Disney (DIS) stock's post-earnings plummet is weighing on the blue-chip index, while a slide in Big Tech is contributing to the Nasdaq Composite (IXIC) and S&P 500 Index's (SPX) losses. All three major indexes on track to snap their three-day win streaks.  

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

  • More on Walt Disney's dismal earnings
  • What's boosting Novavax stock today. 
  • Plus, put traders target GFI; OM soars off record low; and TLS plummets into penny stock territory.  

MMC Nov9

Gold Fields Ltd (NYSE:GFI) is seeing a bearish options surge today, with 14,000 puts across the tape so far -- 37 times the intraday average -- in comparison to 6,548 calls. The January 2023 9-strike put is the most popular, with new positions being bought to open. GFI is up 9.5% at $10.79 at last check, after Yamana Gold (YRI) agreed to pay a $300 million break fee after terminating its buyout deal. 

Outset Medical Inc (NASDAQ:OM) is one of the top performers on the Nasdaq today, up 36.4% at $15.64 at last glance, after the company's third-quarter revenue beat, overshadowed wider-than-expected quarterly losses. The stock is also brushing off a price-target cut from Cowen and Company to $22 from $33. This positive price action has the stock bouncing off yesterday's record low of $11.41, though the 100-day moving average lingers above as pressure. 

OM Nov9

Meanwhile, Telos Corp (NASDAQ:TLS) is the worst performing stock on the Nasdaq today, down 67.50% at $3.58 at last glance and plummeting into penny stock territory despite the company's better-than-expected third-quarter report. Instead, what's weighing on the stock is the software company's trimmed fiscal year forecast, as well as a fourth quarter revenue forecast that came in below estimates. TLS is sinking to record lows, down 76.1% year-to-date. 

 

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