Earnings are making waves on Wall Street today
Earnings reports are flooding Wall Street during an otherwise quiet day, sending stocks across the board in afternoon trading. The Dow Jones Industrial Average (DJI) is down triple digits, while the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) pace toward a third-straight win. Semiconductor stocks are weighing heavy, while other sectors such as tobacco surge, thanks to names like Philip Morris (PM). Elsewhere, labor costs missed expectations for the fourth quarter, rising 3% for the adjusted October to December timeframe, smaller than the 3.3% expected by analysts.
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Making noise in the options pits today is Teladoc Health Inc (NYSE:TDOC) after BofA Securities maintained its "neutral" rating and hiked its price target to $11.50 from $10.50. This comes one day after the telehealth company said it will acquire Catapult Health for $65 million. So far, 49,000 calls and 2,847 puts have been exchanged, which is nine times the average daily options volume. The weekly 2/7 11.50- and 12-strike calls are most popular, with new positions are being bought to open at both. At last check, TDOC is up 13.2% at $12.46, looking to mark its highest close since May, with long-term support present at the 80-day moving average.
Retail giant Ralph Lauren Corp (NYSE:RL) is one of the top performers on the New York Stock Exchange (NYSE), up 13.4% at $282.26, after the company posted a fiscal third-quarter earnings and revenue beat. The clothing brand shared an earnings per share of $4.82 on revenue of $2.1 billion and raised its full-year revenue outlook. Today's pop has RL trading at record highs and on track for its best daily percentage gain since February 2024.
Global ecommerce platform WEX Inc (NASDAQ:WEX) is one of the worst performers on the Nasdaq today, down 16% at $155.76 at last check, brushing off its fourth-quarter earnings and revenue beat. The equity is now trading at more than two-year lows, adding to its already steep, 23% year-over-year deficit.