The Dow Jones Industrial Average (DJIA), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) are all trading at record highs once again, as retail stocks continue to outperform. Aside from more data pointing toward record-setting Cyber Monday sales, investors are digesting a consumer confidence number for November that struck a 17-year high, on top of a better-than-expected S&P CoreLogic Case-Shiller home price index for September. Traders are also keeping an eye on Washington, D.C., where Fed Chair nominee Jerome Powell’s confirmation hearing is now underway and Senate Republicans are working on getting their tax plan to a vote by week’s end.
Continue reading for more on today’s market, including:
- The must-see FAANG options data.
- 3 drug stocks slapped with negative analyst notes.
- Plus, GM put volume surges ahead of key events; Thor Industries drives to fresh highs; and Tech Data stock’s big comeback.
Among the stocks with unusual options volume is automaker General Motors Company (NYSE:GM), as the company prepares to report its November sales tomorrow morning, with its investor day scheduled for Thursday. Short-term traders are flocking to puts, with volume running at three times the expected pace. The weekly 12/1 43- and 43.50-strike puts are popular, as is the weekly 12/8 42-strike put. It looks like one trader sold a block of December 40 puts to buy to open 2,000 of the weekly 12/8 42-strike puts, per Trade-Alert. The speculator is likely betting on GM stock falling below the $42 level before expiration next Friday. The security was last seen trading up 0.6% at $44.42.
One of the top stocks on the New York Stock Exchange is RV manufacturer Thor Industries, Inc. (NYSE:THO), thanks to an impressive earnings report. The equity earlier hit a record high of $155.23, and was last seen trading 10.6% higher at $150.69. It’s now up 66.6% over the past year.
Over on the Nasdaq, shares of distribution specialist Tech Data Corp (NASDAQ:TECD) are also rallying after earnings, as they try to fill their September bear gap. TECD stock was last seen up 10.5% at $103, making a decisive move atop the formerly resistant 200-day moving average.
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