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
facebook X logo linkedin


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%. 

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI