Third-quarter GDP was better than expected
Stocks are little changed at midday, as traders look ahead to tomorrow's Thanksgiving Day holiday. While the price action is muted, there's plenty of economic data to digest, including a stronger-than-anticipated reading on third-quarter gross domestic product (GPD) and an eighth straight monthly rise in consumer spending in October. At last check, the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are all holding near yesterday's record highs.
- A third-quarter beat is putting the squeeze on VMware shorts.
- Deere breaches key trendline in trade-related tumble.
- Plus, Guess sees surge in post-earnings options volume; UAA pops; and one retailer moving lower.
Guess?, Inc. (NYSE:GES) is seeing unusual options volume amid the retail stock's volatile post-earnings session. Roughly 22,500 options have changed hands -- 31 times what's typically seen, and volume pacing in the 100th annual percentile. GES stock was down 6.9% earlier on weak third-quarter revenue and full-year revenue guidance, but was last seen up 4.3% at $19.90, possibly in reaction to the retailer's quarterly profit beat.
Under Armour Inc (NYSE:UAA) is at the top of the S&P, after Raymond James upgraded the athletic apparel retail stock to "strong buy" from "outperform." UAA stock is up 4.8% at $18.85, but is running out of steam at its descending 80-day moving average, and has a ways to go before filling an early November bear gap.
PVH Corp (NYSE:PVH) is near the bottom of the SPX, down 2.2% at $97.82 -- back below the key century mark. The retail stock was hit with an onslaught of analyst attention following Monday night's earnings report, including a price-target cut to $110 from $120 at Evercore ISI.