The Dow is up 125 points at midday
The major indexes rose to record levels this afternoon, boosted by today's slew of positive earnings reports. The Dow Jones Industrial Average (DJI) and the S&P 500 Index (SPX) both hit new all-time highs for the second-straight day, with the former up around 133 points. Meanwhile, the Nasdaq Composite (IXIC) came within 0.5% of its peak, and also sports a sizable lead at midday, as index heavy hitters Microsoft (MSFT) and Alphabet (GOOGL) gear up to report earnings after the close today. In other news, U.S. consumer confidence rose in October, snapping a three-month downtrend after climbing to 113.8 against a 108 estimate.
Continue reading for more on today's market, including:
- Why Citigroup initiated coverage on this crypto stock.
- General Electric's beat-and-raise comes with a warning.
- Plus, Workhorse announces earnings; Crane stock nabs an all-time high; and TPB falls despite beat-and-raise.
Workhorse Group Inc (NASDAQ:WKHS) is seeing a surge in bullish trading today, with 48,000 calls exchanged so far -- quadruple the intraday average and nearly 12 times the amount of puts traded. The most popular is the weekly 10/29 7-strike call, where new positions being opened. Workhorse announced that its third-quarter earnings report is set to be released on Tuesday, November 9. The stock is up 10.3% at $7.13 at last check, though it still has a ways to go before it overcomes a 65% year-to-date deficit.
The top performer on the New York Stock Exchange (NYSE) today is Crane Co. (NYSE:CR). The company scored a price-target hike to $125 from $115 at D.A. Davidson, after reporting a third-quarter beat-and-raise. The stock is up 7.7% at $102.52, and earlier hit an all-time high of $106.12. The security has finally toppled pressure at the 40-day moving average after threatening the trendline multiple times since September, and longer term, CR is up nearly 91% year-over-year.
At the opposite end, the worst stock on the NYSE is Turning Point Brands Inc (NYSE:TPB), which was last seen down 16.8% at $40.50. While the company beat earnings expectations, it missed widely on revenue estimates. In addition, Turning Point Brands increased its share repurchase program. TPB has lost 9.5% year-to-date, and today's drop has the security trading at its lowest level since December 2020.