Wall Street Clings to Last Week's Rally

The VIX is on track to snap a substantial losing streak

Deputy Editor
Nov 6, 2023 at 11:54 AM
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Wall Street is slightly higher this afternoon, looking to build on last week's rally as more corporate earnings roll in. At last glance, the Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) are all sitting in the black, while the Cboe Volatility Index (VIX) looks to snap a five-day losing streak -- its worst such run since late August.

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

  • Pre-earnings bear note for blue-chip entertainment giant.
  • Analysts weigh in on NYSE newbie.
  • Plus, DISH's post-earnings options surge; Hilton Grand Vacations' acquisition; and Tecnoglass' quarterly results.

Midday Market Stats November 62023

DISH Network Corp (NASDAQ:DISH) stock is seeing a surge in options interest today and eyeing its worst daily percentage drop on record. At last check, 11,000 puts and 7,723 calls have changed hands, total volume that's five times the average intraday amount. The most active contract, the weekly 11/10 4-strike put is seen new positions being sold-to-open, while the December 7.50 put is also popular. The shares are down 20.7% at $4.35 at last glance, after the company missed widely on earnings and revenue expectations, losing 26 cents per share against expectations of a 4 cent per share gain. Year over year, Dish Network stock is off 70%. 

Bluegreen Vacations Holding Corp Class A (NYSE:BVH) stock is near the top of the New York Stock Exchange (NYSE), last seen up 108.6% to trade at $73.02. The vacation time share provider agreed to a sale to Hilton Grand Vacations (HGV) for $1.5 billion, or $75 in cash per share. BVH is now up almost 250% over the last 12 months, adding 192.8% in 2023.

Tecnoglass Inc (NYSE:TGLS) is one of the worst stocks on the NYSE today, last seen 10.6% lower to trade at $30.62. This loss comes even after the laminated glass company reported third-quarter earnings and revenue that beat Wall Street's estimates and projected double-digit top line growth in 2024. Today's bear gap puts TGLS below its year-to-date breakeven level, on track for its lowest close since mid December.

TGLS MMC Chart November 62023

 

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