The market has pared this morning's losses on inflation data
The Dow Jones Industrial Average (DJI) is down 57 points midday, while the Nasdaq Composite (IXIC) and S&P 500 (SPX) are also modestly lower, with all three benchmarks looking to extend yesterday's losses. Inflation data weighed on the market this morning, after October's consumer price index (CPI) saw its biggest year-over-year surge since 1990. Meanwhile, initial jobless claims for last week were posted a day early due to Veteran's Day, coming in at a lower-than-expected 267,000 amid the labor shortage.
Continue reading for more on today's market, including:
- Options bulls target crypto stock despite revenue miss.
- Fast food stock faltering alongside its full-year forecast.
- Plus, options traders target U; PUBM soars; and HSDT hits a record low.
Unity Software Inc (NYSE:U) is seeing a surge in options activity today. So far, 35,000 calls and 9,802 puts have crossed the tape, which is 10 times the intraday average. The November 200 call is the most popular, followed by the 185 call in the same monthly series, with new positions being opened at both. The stock has been publicly traded for a little over a year now, and is trading at record highs today, last seen up 5.2% at $180.51. The launch of Unity Simulation Pro and Unity Systemgraph appears to be giving the stock a boost today. Meanwhile, no less than five analysts chimed in with price target hikes, including Berenberg to $194 from $145.
Near the top of the Nasdaq today is PubMatic Inc (NASDAQ:PUBM), up 28.1% to trade at $41.06 at last glance. The cloud name posted a strong third-quarter earnings report after the close yesterday, and raised its full-year guidance above estimates. Following the event, no fewer than six analysts raised their price targets, including RBC to $56 from $47. Trading at levels not seen since late June, PUBM is leaping over pressure at its 140-day moving average.
On the other hand, Helius Medical Technologies Inc (NASDAQ:HSDT) is plummeting after announcing the pricing of its public offering of 1.2 million shares. At $8 per share, the price is a 34% discount to its Tuesday close. At last check, HSDT was down 28% to trade at $8.72. Earlier hitting a record low of $8.22, HSDT is down 39% year-over-year.