Dow Up 380 Points to Start the Week

Investors are preparing for a busy week of earnings

Deputy Editor
Oct 16, 2023 at 11:51 AM
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Stocks are rallying to start the week, as the market brushes off a sharp rise in bond yields. The Dow Jones Industrial Average (DIJ) is up 380 points, while the Nasdaq Composite (IXIC) also sports a triple-digit lead, and the S&P 500 Index (SPX) is firmly higher. Investors are eyeing the latest batch of corporate reports as earnings season kicks off, as well as updates from the Israel-Hamas war.  

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

  • Bankruptcy buzz pushes Rite Aid stock lower. 
  • Western Digital stock upgraded after recent merger. 
  • Plus, options traders target MANU; LULU jumps on SPX inclusion; and VSTO announces sale. 

MMC Oct16

Manchester United PLC (NYSE:MANU) is down 8% at $18.37 at last check, following news that Jim Ratcliffe bid $1.5 billion for a 25% stake in the soccer club, denting buyout hopes. So far in the options pits, 10,000 calls and 18,000 puts have been traded, which is 11 times the average daily options volume. The October 18 put is the most popular, with new positions opening there. Gapping firmly below its 320-day moving average today, MANU is down 22% since the start of the year. 

MANU Oct16

Lululemon Athletica Inc (NASDAQ:LULU) is up 9.7% at $414.24 at last glance and trading at 18-month highs, after news that the equity will replace Activision Blizzard (ATVI) on the SPX later this week. Since the start of the year, the equity is up 29.4%. 

Vista Outdoor Inc (NYSE:VSTO) is down 23.9% at $24.99 at last check, after the company announced it would sell its sporting products business in a $1.91 billion deal and cut its full-year forecast. VSTO is still holding on to a modest 4.3% gain in 2023, however. 

 

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