Stocks Look to Extend Last Week's Gains

Jobs data boosted the market on Friday

Deputy Editor
May 6, 2024 at 12:02 PM
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Stocks are higher on Monday, extending last week's gains as Wall Street continues to ride the wave of optimism stemming from Friday's jobs data. The Nasdaq Composite (IXIC) is leading the benchmarks with a triple-digit midday gain, while the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) sit higher as well. Meanwhile, oil prices are higher as tensions rise in the Middle East. 

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

  • Analyst sees upside for semiconductor name
  • Outperforming utility stock set to join the S&P 500. 
  • Plus, options traders target TSN after earnings; OM soars on FDA clearance; and EYPT falls on trial results. 

MMC May6

Options traders are targeting Tyson Foods Inc (NYSE:TSN) after the food company's fiscal second-quarter earnings report. Though earnings beat estimates, TSN is off 7.5% at $57.36, after a quarterly sales miss and warnings of slowing demand during the third quarter. So far, 13,000 calls and 9,232 puts have been exchanged, which is already 16 times the overall average daily options volume. The weekly 5/10 58-strike call is the most popular, where new positions are opening. TSN is up 6.7% so far in 2024.

The shares of Outset Medical Inc (NASDAQ:OM) are soaring today, last seen up 60.7% to trade at $5.04, after the company received clearance from the U.S. Food & Drug Administration (FDA) for its dialysis machine. The 180-day moving average, which has loomed above since June when the stock was consolidating below $21 -- appears to be keeping gains in check. Year to date, the equity is still down 6.3%. 

OM May6

Eyepoint Pharmaceuticals Inc (NASDAQ:EYPT) on the other hand, is near the bottom of the Nasdaq today, after its eye disease treatment missed the main goal of a mid-stage trial. At last glance, EYPT was down 37.8% at $12.28. The security is still well above its November levels prior to an early December bull gap, but it is down 46.3% since the start of the year. 

 

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