The Nasdaq is down triple digits
The Nasdaq is sporting a hefty triple-digit deficit at midday, as Alphabet's (GOOGL) disappointing cloud revenue and rising bond yields weigh on tech stocks.Meanwhile, the S&P 500 Index (SPX) is modestly lower, and the Dow Jones Industrial Average (DJI) is higher. Traders are also unpacking new home sales data, which totaled 759,000 in September, well above the previous month's reading as well as analyst estimates.
Continue reading for more on today's market, including:
- Peer warning sends PayPal stock to 6-year lows.
- Gap stock jumps on analyst praise.
- Plus, options traders eye TXN's lows; LRN hits record highs; and VICR downgraded.
Options traders are targeting Texas Instruments Inc (NASDAQ:TXN), after the company's third-quarter revenue miss and dismal fiscal fourth-quarter forecast, with no fewer than 16 analysts slashing their price targets. So far, 23,000 calls and 13,000 puts were exchanged, or five times the average daily options volume. The January 2024 155-strike call is the most popular, with positions being opened there. TXN is now down 3.3% at $142.09 at last check, and trading at three-year lows. On track for its eighth-straight weekly loss, with pressure at its 20-day moving average, the equity is down 14.4% in 2023.
The New York Stock Exchange's (NYSE) Stride Inc (NYSE:LRN) is soaring to record highs today, after the company posted better-than-expected fiscal first-quarter results -- including record revenue -- and raised its full-year forecast. At last glance, LRN was up 17.8% at $52.40, up 68% since the start of the year.
Vicor Corp (NASDAQ:VICR) is down 27.6% at $38.57, sinking to over three-year lows, despite the electrical equipment concern's stronger-than-anticipated third-quarter results. Needham downgraded the security to "hold" from "buy," while Craig-Hallum lowered its price target to $65 from $80. On the short sell restricted (SSR) list today, the equity is down 27.7% in 2023.