Stocks Still Eyeing Weekly Wins Despite Midday Slide

The VIX is pacing for its fourth-straight weekly loss

Deputy Editor
Nov 17, 2023 at 11:45 AM
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Wall Street is reversing its premarket lead, though all three major indices are still pacing for their third-straight weekly win. At last glance, the Dow Jones Industrial Average(DJIA), the S&P 500 Index (SPX), and Nasdaq Composite (IXIC) are all hovering below breakeven. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is on track for its fourth-straight weekly loss.

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

  • Options traders and analysts target retailer after earnings
  • 0DTE breakdown with Cboe Global Markets.
  • Plus, Applied Materials' legal woes, and 2 earnings reports to look over.

Midday Market Stats November 172023

Applied Materials, Inc. (NASDAQ:AMAT) is down 5% at $147.05 this afternoon, after news broke that the chipmaker is at the center of a Justice Department criminal investigation regarding export violations. The probe concerns potentially hundreds of millions of dollars' worth of equipment sent to Chinese firm Semiconductor Manufacturing International.  In response, 35,000 calls and 49,000 puts have been exchanged, or 10 times the average intraday volume. New positions are opening at the most popular monthly November 145 put. Applied Materials still sports a more than 50% year-to-date lead.

The New York Stock Exchange's (NYSE) Globant SA (NYSE:GLOB) stock is up 13% at $206.80 this afternoon, after a stellar third quarter. What's more, at least three analysts raised their price targets on GLOB, with Piper Sandler moving up to $217 from $212. Year to date, Globant stock is up 20.8%.

ChargePoint Holdings Inc (NYSE:CHPT) is near the bottom of the NYSE, last seen down 36.3% at $2.00 after a bevy of updates. Specifically, the electric vehicle (EV) charging company warned of a revenue miss, while also revealing the departure of two top executives. Now trading at record lows, CHPT is heading for its biggest one-day drop since going public, as well as its worst ever weekly decline. Year over year, ChargePoint stock is down 84.2%.

CHPT MMC Chart November 162023

 

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