Stocks Rise Amid Upbeat Consumer Strength Data
The Dow Jones Industrial Average (DJI) is extending this morning's gains, up 189 points at last check, while the S&P 500 (SPX) and Nasdaq Composite (IXIC) are also in the black midday. Data showed retail sales jumping 1.7% in October, beating Wall Street's estimates and climbing from September's 0.8% rise, though this sharp rise is at least partially tied to the recent balloon in inflation. Meanwhile, industrial production rose 1.6% in October, recovering from the previous month's 1.3% drop, due to Hurricane Ida.
Blue-chip name Home Depot Inc (NYSE: HD) is seeing an options surge today, as it jumps to record highs following an upbeat third-quarter report. So far, 74,000 calls and 39,000 puts have crossed the tape, which is nine times the intraday average. The November 390 call is the most popular, followed by the 385 call in the same monthly series, with positions being opened at both. Up 4.8% at $388.75, today's pop also has HD jumping above pressure at the $375 level.
Soaring to the top of the Nasdaq today is Kezar Life Sciences Inc (Nasdaq: KZR), up 35.7% to trade at $11.41 at last glance, after positive interim data from its MISSION Phase 2 trial of its kidney disorder drug candidate. In response, both H.C. Wainwright and JonesTrading raised their price targets to $20. KZR is now trading at its highest level since its June 2019 bear gap, up 128% year-to-date.
Conversely, Rekor Systems Inc (Nasdaq: REKR) is near the bottom of the Nasdaq, after posting wider-than-expected third-quarter losses per share and as well as a revenue miss. Plus, Northland Capital cut its price objective to $12 from $15 after the event. Down 30.2% to trade at $7.32, REKR is still up 85.3% year-over-year.
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