Idaho, Utah, and Nebraska voted to expand Medicaid programs
Stocks are surging today, as Wall Street reacts positively to the U.S. midterm election results. The Dow Jones Industrial Average (DJI) is deep into triple-digit territory at last check -- pacing for a third straight win -- as insurance giant UnitedHealth (UNH) pops after Idaho, Utah, and Nebraska voted to expand Medicaid programs for low-income residents. Microsoft (MSFT) is also near the top of the Dow, underscoring a strong day for tech stocks and sparking upside for the S&P 500 Index (SPX) and Nasdaq Composite (IXIC), too.
Continue reading for more on today's market, including:
- Analysts can't keep up with surging Twilio stock.
- The tech stock slumping 33% after earnings.
- Plus, option bear cashes out on Zillow; Tableau earnings spark big stock rally; and KORS stock sinks.
One name seeing unusual options activity today is Zillow Group Inc (NASDAQ:ZG), with 2,375 puts and 692 calls on the tape -- 12 time what's typically seen at this point. Trade-Alert suggests 1,514 February 40 puts are potentially being sold to close for $9.30 apiece after being bought in late September at $3.50 each. This comes as the shares plunge 23.6% to trade at $31.12 -- earlier hitting a two-year low of $30.17 -- after the online real estate name's disappointing current-quarter and full-year revenue forecasts were met with an onslaught of bearish brokerage notes.
Tableau Software Inc (NYSE:DATA) is trading near the top of the New York Stock Exchange today, after the tech firm's quarterly results were met with no fewer than six price-target hikes -- including one to $135 from $120 at Stifel. DATA stock is up 15.3% to trade at $121.08, earlier hitting a three-year peak of $123.88 -- and has added almost 28% since bouncing from its 200-day moving average in late October.
The shares Michael Kors Holdings Ltd (NYSE:KORS) are wallowing near the bottom of the Big Board, after the retailer reported a quarterly revenue miss and same-store sales slump. After tagging a new annual low out of the gate, KORS stock was last seen down 15.5% to trade at $48.53.