Stocks are below breakeven at midday
Stocks are inching lower, with all three major indexes on track for their third-straight losing months. The Dow Jones Industrial Average (DJI) is making the largest move midday with a minor 30-point swing lower. Meanwhile, the October consumer confidence index reading fell to a five-month low of 102.6 amid geopolitical and inflation concerns.
Continue reading for more on today's market, including:
- What's overshadowing Caterpillar's upbeat results.
- Production cut weighing on Tesla stock.
- Plus, PINS options pop; WOLF soars on forecast; and airline merger at risk.
Pinterest Inc (NYSE:PINS) is popular amongst options traders today, as the security soars following the company's upbeat quarterly results and subsequent flood of analyst bull notes. So far, 106,000 calls and 80,000 puts have been exchanged, which is already 13 times the average intraday options volume. The December 33 call is the most active, with new positions opening there. PINS is up 18.7% at $29.78, hitting its highest levels since July.
Wolfspeed Inc (NYSE:WOLF) is surging today, after the chip maker's mixed fiscal first-quarter results and upbeat second-quarter forecast. Up 22% at $33.83 at last glance, the security is brushing off no fewer than five price-target cuts. Today's price action also has the equity rebounding from yesterday's six-year lows. Since the start of the year, WOLF is down more than 50%.
Spirit Airlines Inc (NYSE:SAVE) is plummeting, following reports that a Department of Justice lawyer asked federal judges to block the airline's merger with JetBlue (JBLU), as the Biden administration looks to ensure low cost airline competition. At last look, SAVE was down 12.8% to trade at $11.39. On track for its fourth-straight day of losses, the security is trading at three-year lows.