Wall Street’s rally is resuming this afternoon, after U.S. consumer confidence improved this past month. Specifically, the Conference Board’s index rose to 102, ahead of estimates of a jump to 101, though the expectations index reading was still consistent with recession. In response, the Dow Jones Industrial Average (DJI) boasts a triple-digit midday lead. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are modestly higher, while the Cboe Volatility Index (VIX) is inching lower once again.
Call traders are blasting 3M Co (NYSE: MMM) after J.P. Morgan raised its price target on the blue-chip manufacturing giant to $108 from $105. This bull note came after a U.S. appeals court ruled in favor of 3M and other manufacturers of “forever chemicals” a big win in the fights against legal liability for the toxic substances. At last glance, 18,000 calls have crossed the tape — eight times the intraday average volume — with the weekly 12/1 100-strike call standing as the most popular contract and seeing new positions being opened. The equity was last seen 1.5% higher at $98.56, looking to extend its weekly winning streak to three. However, MMM is still down 17.9% year to date, and facing pressure from its 120-day moving average.
PDD Holdings Inc (Nasdaq: PDD) stock is one of the Nasdaq’s top performers this afternoon after the China-based e-tailer beat analysts’ earnings estimates. The equity was last seen 18.2% higher at $139.11, putting its 12-month gain at nearly 87%, and earlier hitting a two-and-a-half-year peak of $139.88.At the other end of the Nasdaq, Citi Trends, Inc. (Nasdaq: CTRN) was last seen 15.8% lower at $22.21 following worse-than-expected earnings and revenue for the third quarter. Today’s drop has CTRN trading below both its year-over-year and year-to-date breakeven marks. More By This Author:Stocks Stumble As November Winds Down Wall Street Slumps As “Fear Gauge” Mounts ComebackWall Street Logs 4th Consecutive Weekly Win
