All three major indexes earlier notched record highs
The Nasdaq Composite (IXIC) is up 227 points this afternoon, and earlier hit a fresh record high as Big Tech stocks rally on bets that the Federal Reserve will cut interest rates later today. The S&P 500 Index (SPX) and Dow Jones Industrial Average (DJI) also nabbed new all-time highs, though the latter is trading back below breakeven as financial stocks take a breather after surging on election results.
Continue reading for more on today's market, including:
- Arm stock higher after post-earnings bull notes.
- Beat-and-raise lifts another semiconductor stock.
- Plus, LYFT options red-hot; UAA eyes best day ever; and Wolfspeed's lackluster forecast.
Ridesharing concern Lyft Inc (NASDAQ:LYFT) is seeing unusual options activity after the company's strong third-quarter earnings and revenue, as well as its upbeat current-quarter gross bookings outlook. So far today, 106,000 calls and 40,000 puts have been exchanged, which is 7 times the volume typically seen at this point. Most active is the December 20 call, where new positions are being opened. LYFT was last seen up 26.8% at $18.26 -- its highest level since April -- after seeing 10 price-target hikes. Shares are pacing for their best day since February, and sport a 23% lead for 2024.
Under Armour Inc (NYSE:UAA) is one of the best stocks on the New York Stock Exchange (NYSE) today, after the apparel retailer raised its 2025 profit forecast on cost savings measures. The company's fiscal second-quarter results also beat expectations. Shares are up 35.7% to trade at a 52-week high of $11.87 at last glance, and are pacing for their best single-day percentage gain on record. So far this year, UAA added 32.9%.
Meanwhile,
Wolfspeed Inc (NYSE: WOLF) stock is the worst stock on the NYSE, down 23.4% to trade at $10.50 at last glance. Today's bear gap follows a lackluster forecast for the fiscal second quarter, and a fiscal first-quarter revenue miss due to restructuring and factory start-up costs. Shares are on track for their
worst day since January 2005 and carry a 75.7% year-to-date deficit.