Stocks have pared early-morning losses, but trading is sluggish ahead of Big Tech earnings
Stocks are struggling for direction today, as Wall Street trades in a holding pattern ahead of the onset of Big Tech earnings tomorrow. The Dow Jones Industrial Average (DJIA) pared early-morning losses and briefly traded higher, but has since turned back lower. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have pushed into the black midday, the tech-heavy latter looking for a fourth-straight win. Elsewhere, oil prices have stabilized, while Bitcoin (BTC) climbs past $70,000 for the first time since June.
Continue reading for more on today's market, including:
- Fintech sector shook up by PayPal, Sofi earnings.
- Analysts pump the brakes on Ford stock amid demand woes.
- Plus, VFC back the black; record highs for FFIV; and homebuilder stocks fall.
VF Corporation (NYSE:VFC) is seeing a surge in options activity today. At last check, over 84,000 calls have changed hands, volume that's 11 times the average intraday amount and more than double the number of puts traded. Most of the action is coming from the weekly 11/1 21-strike call, while the 17-strike put in the same series is also popular. VFC is up 24.4% to trade at $21.19 today, after the footwear retailer reported a top line beat for its fiscal second quarter. Six analysts have issued price-target hikes, including Barclays to $25 from $22. Year-to-date, the stock is now 12.7% higher.
F5 Inc (NASDAQ:FFIV) is powering the SPX today, last seen up 10.9% to trade at $242.16, after the computer networking company reported fiscal fourth-quarter earnings and revenue above estimates, while also forecasting fiscal first-quarter revenue above its previous outlook. Four analysts hiked their price targets in response, the highest coming from Piper Sandler to $246 from $186. FFIV earlier hit a record high of $250.46, and is now 34.5% higher in 2024.
Lennar Corp (NYSE:LEN) is near the bottom of the SPX, last seen down 4.6% to trade at $166.03. Homebuilding stocks across the board feeling the pain from D.R. Horton's dismal report, which saw home deliveries fall short of estimates. LEN is still up 11.3% year-to-date, and is testing its 200-day moving average today.
