Nasdaq Down Triple Digits After Meta Earnings

Investors are unpacking today's slew of economic indicators

Deputy Editor
Oct 26, 2023 at 12:04 PM
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Stocks are firmly lower this afternoon, with the Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) sporting triple-digit deficits, as Meta Platforms (META) stock's post-earnings slide pushes the latter deeper into the red. There was a slew of economic indicators to unpack this morning, including a gross domestic product (GDP) reading. Meanwhile, bond yields are slipping, with the 10-year Treasury yield moving further off this week's highs. 

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

  • More on Meta stock's post-earnings tumble
  • Why this U.K. bank stock saw a downgrade. 
  • Plus, IBM captures options traders; and 2 stocks moving after adjusting outlooks. 

MMC Oct26

Options traders are targeting Dow member IBM (NYSE:IBM) today, following the company's strong third-quarter earnings report. So far, 28,000 calls and 21,000 puts have been exchanged, which is already five times the average intraday options volume. The November 145 call is the most active contract, with new positions being opened at the weekly 10/27 144-strike put. At last glance, IBM was up 4.8% at $143.67, breaking back above several moving averages, including its 80-day trendline. 

IBM Oct26 

The New York Stock Exchange's (NYSE) Sunnova Energy International Inc (NYSE:NOVA) is up 14.8% at $9.19 at last glance, looking to snap a six-day losing streak, after the company's strong 2024 forecast. Sunnova reported mixed earnings results, with wider-than-expected losses per share alongside a revenue beat. Last session, NOVA hit its lowest level since March 2020, and is down 47.8% in 2023. 

Conversely, Align Technology Inc (NASDAQ:ALGN) is down 24.1% at $192.56, after the company's worse-than-expected third-quarter results and slashed forecast. To follow, no fewer than seven analysts cut their price targets. Since the start of the year, ALGN is down 9.1%. 


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