Wall Street On Track For Another Win Amid Interest Rate Buzz

Wall Street is looking to extend a winning streak, as investors prepare for the Federal Reserve's latest interest rate decision. The Dow Jones Industrial Average (DJI) is up more than 120 points midday and, alongside the S&P 500 Index (SPX), is pacing for its third-straight daily win. Meanwhile, the Nasdaq Composite (IXIC) is on track for its fourth consecutive gain.

Midday Market Stats November 12023

Bausch Health Companies Inc (NYSE: BHC) is gaining popularity amongst bullish options traders, as the company prepares to report third-quarter results before the market's open tomorrow. So far, 5,559 calls have exchanged hands, double the volume typically seen at this point. The January 19, 2024 9 call and weekly 11/3 7.50-strike call are the top two most popular respective contracts, with new positions opening at both. BHC is up 6.5% at $7.26, now boasting a nearly 12% year-to-date gain.  

Patriot Transportation Holding Inc (Nasdaq: PATIis surging today, last seen up 104.2% at $15.68, after United Petroleum Transports agreed to acquire all the outstanding shares of the company for $16.26 per share in cash -- a roughly $65.9 million value. The combination of the companies will means Patriot Transportation is going private, but the transaction gives the new entity a chance to become a top five bulk tank carrier. Year to date, PATI is now 122.8% higher. 

Estee Lauder Companies Inc (NYSE: EL) is taking a huge step backwards today, trading near six-year lows after the beauty-products company issued a disappointing full-year forecast. Brushing off an unexpected fiscal first-quarter profit, EL was last seen down 20.3% at $102.69. The stock was already struggling on the charts, with rejection from its 30-day moving average popping up multiple times over the last four months, and it's now down nearly 60% in 2023.

EL MMC Chart November 12023


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