The Dow was last seen up 680 points
Markets are looking to rally to kick off October and the new quarter, with the Dow Jones Industrial Average (DJI) last seen roughly 680 points higher, while the S&P 500 Index (SPX) and the Nasdaq Composite (IXIC) also boast strong gains. The 10-year Treasury note rolled over, hitting 3.7% today after moving above 4% last week.
Analysts have drawn parallels between the 2008 crash and what the major benchmarks are experiencing in this inflation-laden year, with shares of Swiss bank Credit Suisse (CS) plunging amid a widening credit default swap level. However, Citigroup weighed in today, saying the European bank isn't in such a dire situation just yet.
Continue reading for more on today's market, including:
- MoffettNathanson questions this gaming platform's ambitions.
- This software stock has a lot of upside, says analyst.
- Plus, APPS puts pop; Vertiv announces new CEO; and Blue Apron announces equity raise program.
Digital Turbine Inc (NASDAQ:APPS) is seeing a pop in bearish options activity today, with 2,649 puts exchanged so far, which is double the intraday average, compared to 992 calls. The most popular position is the weekly 10/7 14.50-strike put, followed by the October 14.50 put, with positions being opened at both contracts. While APPS is up 3.8% at $14.96 this afternoon, the stock has shed roughly 20% over the last two months. The $14 level has stepped up as a floor for Digital Turbine stock this year, though pressure from the 100-day moving average has pushed the equity to a 75.8% year-to-date deficit.
Vertiv Holdings Co (NYSE:VRT) is one of the best performing equities on the New York Stock Exchange (NYSE) today. Shares of the infrastructure technology concern were last seen up 15.4% at $11.23, after announcing its departing CEO's successor and updating its outlook for 2023. On the charts, Vertiv stock has struggled since a massive late-February bear gap pushed the shares below $19. The security now stands 54.7% lower in 2022.
Meanwhile, sitting at the bottom of the NYSE is Blue Apron Holdings Inc (NYSE:APRN). The equity was last seen down 32% at $3.91, after the meal-kit delivery firm announced plans to seek a $15 million equity raise program. Blue Apron has traded in penny-stock territory on-and-off for much of 2022, and sports a 49.8% year-over-year deficit.