Wall Street Looks to Extend Red-Hot Rally

The Nasdaq is up triple digits this afternoon

Deputy Editor
Nov 7, 2023 at 12:09 PM
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Wall Street is higher across the board this afternoon, with the S&P 500 Index (SPX) on track for its longest winning streak in two years. The Dow Jones Industrial Average (DJIA) is also higher, while the Nasdaq Composite (IXIC) outperforms with a triple digit lead on the back of dwindling Treasury yields, as both look to extend their winning runs as well.

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

  • Rideshare stock dinged by mixed earnings report.
  • Fitness stock gets juiced after forecast hike.
  • Plus, DigitalOcean stock's double-upgrade, and 2 earnings reports to parse.

Midday Market Stats November 72023

DigitalOcean Holdings Inc (NYSE:DOCN) stock is 14% higher at $27.19 this afternoon, and call volume is running at six times the intraday average following a double-upgrade at Goldman Sachs. These traders are most interested in the November 27.50 call, implying more upside over the next two weeks. Goldman adjusted its rating to "buy" from "sell," citing structural improvements and cyclical risks that are already priced into the equity's current value. On the charts, DOCN is keeping above previous resistance at its 40-day moving average, and now sports a 7% year-to-date lead.

DOCN MMC Chart November 62023

Alteryx Inc (NYSE:AYX) stock is one of today's best performing stocks on the New York Stock Exchange (NYSE), last seen up 20.3% to trade at $36.50. The computer software firm posted third-quarter losses that were softer than expected, as well as sales that beat estimates. In response, multiple analysts are weighing in on AYX, which is up 17.1% over the last three months.

No less than six analysts cut their price targets on Ameresco Inc (NYSE:AMRC) after the company reported third-quarter earnings and revenue that missed Wall Street's expectations. In response, Ameresco stock was last seen down nearly 28%, today's worst performing equity on the NYSE, and dragging its year-to-date deficit down to 65.9%.


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