Stocks Sporting Solid Midday Leads to Start June

Manufacturing activity contracted for the seventh consecutive month

Deputy Editor
Jun 1, 2023 at 12:00 PM
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Stocks are firmly higher this afternoon, with the all three major benchmarks sporting solid midday leads as June kicks off. A great deal of focus is still on the debt ceiling bill, which successfully passed through the U.S. House of Representatives, as well as this morning's private payrolls and jobless claims data. Meanwhile, May's Institute for Supply Management (ISM) manufacturing survey came in at 46.9%, representing a contraction for the seventh-straight month. 

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

  • Options traders target Nordstrom stock after surprise profit. 
  • EV stock gaps lower on plans to raise $3 billion.
  • Plus, call traders buy CRM's dip; LE soars after earnings; and DG hits 3-year low. 

MMC June1

Call traders are blasting blue chip Salesforce Inc (NYSE:CRM). The company's first-quarter results beat estimates, however, the stock is down 5.2% at $212.40 after tech name also announced its slowest revenue growth since 2010. So far, 124,000 calls and 65,000 puts have been exchanged, which is six times the average daily volume already. Still above support at its 40-day moving average, CRM remains up 60% year-to-date. 

CRM June1

Land's End, Inc. (NASDAQ:LE) is up 35.9% at $8.52 at last glance, after the apparel retailer's narrower-than-expected first-quarter losses of 5 cents per share and revenue beat. Skyrocketing off last session's three-year low of $6.20, the shares are up 9.9% year-to-date.

Dollar General Corp (NYSE:DG) isplummeting today, after the company's first-quarter results missed estimates. Plus, the discount retailer shaved its annual profit forecast, expecting consumers to curb spending habits due to inflation. Last seen down 20% to trade at $161.01, DG is trading at three-year lows. The stock has already shed 34.8% this year.

 

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