The Nasdaq is on track for its fifth straight weekly win
The Dow Jones Industrial Average (DJI) looks ready to close out the week on a high note, up 240 points at midday. A blowout October jobs report is powering the upside, as payrolls easily beat estimates even amid a General Motors (GM) auto strike. The blue-chip index is also enjoying tailwinds from upbeat quarterly reports from energy giants Exxon Mobil (XOM) and Chevron (CVX), as the Dow barrels toward its second straight weekly win.
Both the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) earlier nabbed new intraday record highs while cruising toward weekly wins; the fourth straight for the former and fifth straight for the latter. Elsewhere, oil prices are bouncing back on encouraging manufacturing data from China, with December-dated crude futures up 1.8% at $55.16 per barrel.
Continue reading for more on today's market, including:
- Pinterest stock is heading for its worst day ever after earnings.
- This insurance stock is about to head into a bearish month.
- Plus, Newell options traders react to earnings; Alphabet places a buyout bid for Fitbit; and another Apple supplier explodes higher after earnings.
One name seeing heightened options volume today is Newell Co (NASDAQ:NWL), with nearly 13,000 put options crossing the tape so far -- 11 times the average intraday amount and almost triple the number of calls traded. Most of the action centers around the November 15 put, which is crossing the tape at the bid price, implying seller-driven volume. At last check, the Sharpie stock was up 9% to trade at $20.58 after a beat-and-raise quarterly report, set for its highest close since February.
Fitbit Inc (NYSE:FIT) is near the top of the New York Stock Exchange (NYSE) today, up 16% to trade at $7.13, after Alphabet (GOOGL) placed a buyout offer of $2.1 billion for the wearable tech company, confirming M&A buzz from earlier this week. FIT earlier nabbed a new annual high of $7.26, and has added 66.7% this week alone.
Qorvo Inc (NASDAQ:QRVO) is another high riser today, up 17.5% to trade at $94.97, after the Apple supplier issued current-quarter guidance that surpassed analyst expectations. Qorvo also announced a new $1 billion buyback program. No fewer than six brokerages have raised their price targets, including to $105 from $90 at Needham. QRVO stock is trading at its highest point in over 18 years.