Various tech stocks are pushing the Nasdaq higher
The Dow Jones Industrial Average (DJI) is down over 40 points midday, as investors digest weekly jobless claims coming in back over the 1 million mark. One silver lining for the labor market, however, is continuing claims, which fell to 14.84 million from 15.48 million. Meanwhile, the S&P 500 Index (SPX) is at flatline, while the Nasdaq Composite (IXIC) gains on outperforming tech stocks.
Continue reading for more on today's market, including:
- Fast food stock fired up on analyst praise.
- Tesla rival announces an affordable service for its electric cars.
- Plus, puts pop on oil and gas stock; CTRN rises on quarterly results; and the plummeting software stock.
One stock seeing notable activity in its options pits is oil and gas stock Matador Resources Company (NYSE:MTDR), down 1.2% at $9.90 at last check. So far, 30,000 puts have crossed the tape, a whopping 321 times what's typically seen at this point. The near entirety of this volume is the August and September 10-strike puts, with positions opening at the latter. Though the reason for today's bearish options surge is unclear, MTDR is up 17.5% in the last three months.
One stock scaling the Nasdaq today is Citi Trends Inc (NASDAQ:CTRN), last seen up 9.4% at $20.13 after positive second-quarter results. More than double its early-April lows, CTRN has been scaling the charts, though now seeing pressure above the $20 region. Down 13% year-to-date, the stock is eyeing its third-straight week of gains.
Conversely, software company Opera Ltd (NASDAQ:OPRA) is down 22.2% at $8.05 after announcing its second-quarter results. The firm reported better-than-expected earnings per share, but posted revenue that was much lower than anticipated. Now dropping to late-June support at the $8 region, the 200-day moving average has swooped in to catch today's pullback. Year-to-date, the equity is down 13.1%.
