Investors Unpack Home Sales Data Ahead of Fed Speech

Home sales fell to their lowest level in 13 years

Deputy Editor
Oct 19, 2023 at 11:50 AM
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Stocks are lower across the board, as investors unpack this morning's jobs and manufacturing data and await commentary from Federal Reserve Chairman Jerome Powell. In the meantime, existing home sales fell to a seasonally adjusted annual rate of 3.96 million in September -- the lowest reading since October 2010 -- as mortgage rates continue to rise. 

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

  • Behind Tesla stock's sharp drop today. 
  •  Beat-and-raise boosts semiconductor stock.
  • Plus, put traders eye VMW; LNN soars after earnings; and BEAM falls on job cuts. 

MMC Oct19

Options bears are targeting VMWare Inc (NYSE:VMW), after news that Beijing is considering delaying the approval of the company's $69 billion deal to be bought by Broadcom (AVGO). So far, 20,000 puts have been traded -- seven times the intraday average -- in comparison to 3,624 calls. The January 2024 142.60- and 110-strike puts are the most popular. At last glance, VMWare stock was down 8.9% at $151.49, and further removing itself from its Oct. 13 record highs. 

VMW Oct19

Lindsay Corp (NYSE:LNN) stock is up 20.1% at $128.37 at last glance, jumping from last session's nearly three-year lows. The company shared better-than-expected fiscal fourth-quarter report, which is boosting shares. Since the start of the year, the equity is down 20.2%. 

Beam Therapeutics Inc (NASDAQ:BEAM) is down 13.4% at $18.01, after news that the company plans on cutting 20% of its workforce. Dropping to fresh three-year lows, BEAM is down 53.9% in 2023. 

 

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