Blue chips are the story today, with the Dow Jones Industrial Average (DJI) scoring a new 2023 high thanks to an encouraging inflation reading and an upbeat Salesforce (CRM) earnings report. Up 8.2% in November with a few hours to go, the blue-chip index is barreling toward its best month since October 2022. Elsewhere, the S&P 500 Index (SPX) is barely below breakeven at last check, while the Nasdaq Composite (IXIC) is firmly in the red, as profit-taking hits Big Tech.
Jefferies upgraded Snapchat parent Snap Inc (NYSE: SNAP) to “buy” from “hold” and hiked its price target to $16 from $12. The Wall Street analyst said it sees Snap’s North American revenue growth reaccelerating into the mid-teens in full-year 2024. Options traders are responding to the upgrade, with 92,000 calls and 31,000 puts across the tape so far today, volume that’s four times the average intraday amount. New positions are being bought to open at the top four most popular contracts, led by the weekly 12/1 13.50-strike call. Up 6.7% to trade at $13.85 at last glance, SNAP is 56.5% higher year to date.Snowflake Inc (NYSE: SNOW) is near the top of the New York Stock Exchange (NSYE), up 5.5% to trade at $185.00. The tech firm’s third-quarter earnings and revenue soared above Wall Street’s expectations, while its fourth-quarter product revenues guidance also beat estimates. SNOW is bouncing back toward its annual highs from June and is now up more than 31% year-over-year. 
Pure Storage Inc (NYSE: PSTG) is the worst-performing stock on the NYSE today after the cloud company offered a weak revenue outlook for both the current quarter and in the full year. Last seen down 15% at $32.26 and swimming in bear notes, PSTG is now down 11.8% over the last three months.More By This Author:Stocks Stumble Late Despite Wall Street OptimismWall Street Heats Up As Bond Yields Fall Stocks Correct Course With Solid Wins
