Wall Street is looking to mirror the Japanese Nikkei's rebound
Stocks are higher as the market rebounds from a staggering global selloff. The Dow Jones Industrial Average (DJI) is up more than 450 points at last glance, while the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) boast solid gains of their own. Big Tech stocks are in recovery mode after Japan's Nikkei bounced from its worst day since 1987 to the best since 2008, but Wall Street remains cautious of volatility.
Continue reading for more on today's market, including:
- Bears target blue chip despite strong quarter.
- Large cap cheat sheet as tech eyes correction.
- Plus, VFC nabs pre-earnings bull note; chemicals stock pops; and Teradata stock gaps to three-year lows.
VF Corp (NYSE:VFC) stock is seeing unusual options activity today, with 31,000 calls and 18,000 puts exchanged so far, nine times the intraday average volume. The most popular contract is the weekly 8/9 14-strike put, where positions are currently being opened. The apparel and footwear name reports fiscal first-quarter results after today's closing bell, with the shares attracting a price-target hike from TD Cowen to $16 from $9 ahead of the event. VFC was last seen up 2.2% to trade at $16.42, and sports a 29.4% nine-month lead.
Cabot Corp (NYSE:CBT) is one of the best-performing stocks on the New York Stock Exchange (NYSE) today, up 16.2% to trade at $101.05 at last glance. Today's surge comes after the chemicals company beat top- and bottom-line estimates for the fiscal third quarter. The stock is brushing off price-target cuts from Mizuho and UBS, and bounced off the 200-day moving average to its highest level since May. So far in 2024, CBT added 19.5%.
Software name Teradata Corp(NYSE:TDC) is near the bottom of the NYSE, last seen down 15% to trade at $24.78. This negative price action comes in the wake of a second-quarter revenue miss, which ushered no fewer than nine price-target cuts, including one from TD Cowen to $29 from $37. TDC earlier slipped to a fresh three-year low, and now carries a 43.2% year-to-date deficit.