Stocks are higher at midday as investors digest Nvidia's (NVDA) stellar revenue numbers amid a fresh wave of big name earnings. The Dow Jones Industrial Average (DJI) reversed earlier losses to trade up triple digits alongside the tech-heavy Nasdaq Composite Index (IXIC), while the S&P 500 Index (SPX) sits modestly higher as well. Semiconductor stocks are a bright spot too despite a Politico report hinting at incoming tariffs for the broader sector.
Okta Inc (OKTA) stock is surging 25.7% to trade at $168.95 after the cybersecurity name surpassed Wall Streets expectations for the second quarter and raised its forecast. Subsequently, over 53,000 calls changed hands, which is 22 times the amount typically seen at this point. The most popular by far is the weekly 8/28 170-strike call, followed by the 180-strike call in the same series, with sell to open activity spotted at the site of both contracts. OKTA has nearly doubled in value since the start of 2026.
One of the best performers on the market, Veeva Systems Inc (VEEV) is having its best day since May 29, last seen up 17.6% to trade at $288.01, near annual high territory, after the life-sciences software company posted a second-quarter beat. The company also hiked its full-year outlook for fiscal 2027, adding to the rally. Ahead of today the shares had been heading lower, after another rejection at $250 last week.
HP Inc (HPQ) is trading sharply lower, down 5.8% to trade at $28.76 despite beating estimates in its fiscal third-quarter report, with earnings of $0.83 per share on $15.7 billion in revenue. What's more, no fewer than four analysts have already issued a price-target hike, including Bernstein to $32 from $27. The shares are pacing for their worst day since June and a second consecutive daily decline. The 40-day moving average looks to be moving in as support, however.
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