October's PPI reading met analysts' expectations
The S&P 500 Index (SPX), Nasdaq Composite (IXIC), and Dow Jones Industrial Average (DJI) all sit red, as investors unpack a producer price index (PPI) for October that was in line with expectations. Also in focus is a drop in unemployment claims, while Wall Street eyes commentary from Federal Reserve Chairman Jerome Powell ahead of tomorrow's highly anticipated retail sales data.
Continue reading for more on today's market, including:
- Revenue beat pushes Sono stock higher.
- Heavily shorted nuclear stock stringing records.
- Plus, DIS options running hot; TPR enjoying rival's headwinds; and LDOS cooling from record highs.
Walt Disney Co(NYSE:DIS) stock is getting blasted in the options pits after the company's better-than-expected fiscal fourth-quarter results. So far today, 277,000 calls and 132,000 puts have been exchanged which is 9 times the volume usually seen at this point. The most active contract is the November 115 call, where new positions are being opened. DIS is up 7.6% to trade at $110.51 at last glance -- its highest level since May -- as it paces for its eighth-straight daily gain and best day since February. In 2024, DIS has added 23.6%.
Tapestry Inc (NYSE:TPR) stock was last seen up 12.5% at $57.71, leading the SPX today. The retail stock, which is behind luxury brands Coach, Kate Spade, and Stuart Weitzman, is enjoying the blockage of rival Capri Holding's (CPRI) $8.5 billion merger amid a block from the Federal Trade Commission (FTC). TPR sports an 86.7% year-over-year lead, and is trading at its highest level since November 2013.
Leidos Holdings Inc (NYSE:LDOS) stock is near the bottom of the SPX today, last seen down 6.6% at $181.34 and on track for its third-straight daily loss, though a catalyst for this negative price action remains unclear. Shares boast a 69.5% year-to-date lead and are testing support at the 20-day moving average, which has been in place since mid-September. The stock is also pivoting lower from a Nov. 11, record closing high of $201.39.
