Tech Earnings Help Boost Sentiment After Dismal Jobs Data

The Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are lower midday, while the S&P 500 Index (SPXinches higher in the hopes of nabbing a fourth-straight win. Dismal jobs data is weighing on the indexes today after private payrolls fell by a shocking 301,000 -- the first negative jobs growth since December of 2020. However, post-earnings pops from stocks such as Alphabet (GOOGL) and Advanced Micro Devices (AMD) are helping prop up tech sector.

MMC Feb2

ReNew Energy Global PLC (Nasdaq: RNWis seeing a surge in options activity after the company announced a $250 million share buyback program and preliminary third-quarter results. The stock's options pits are typically very quiet, and the 15,000 calls and 15,000 puts across the tape so far is 199 times its usual intraday average. The April 7.50 call and April 5 put makeup almost all of this activity, with new positions being opened at both. RNW has been moving higher since bouncing off its Jan. 25 record low of $5.06 and is today up 3.2% to trade at $6.24.

RNW MMC

One of the best performers on the New York Stock Exchange (NYSE) today is Allegheny Technologies Inc (NYSE: ATI), last seen up 14.1% to trade at $21.46. The company announced better-than-expected fourth-quarter results before the bell this morning, and its board of directors authorized a $150 million share repurchase. Gapping to its highest level since July, ATI is up 34.8% year-to-date. 

Meanwhile, Electric Mile Last Solutions Inc (Nasdaq: ELMS) is careening into penny stock territory, down 34.9% to trade at $3.64 at last check, and earlier hitting a new record low of $3.47. After an investigation into their share purchases, the company's top two executives have resigned. To follow, no fewer than four analysts downgraded ELMS. Year-over-year, the stock is now down 71.3%. 

Disclaimer: Schaeffer's Investment Research ("SIR" or "we" or "us") is not registered as an investment adviser. SIR relies upon the "publishers' ...

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