The major averages are higher across the board at midday as the Nasdaq joins back in the rally following a Tuesday of underperformance. The Dow, yesterday's leader, has become today's laggard, although the blue-chip index is also notching mild gains.
ECONOMIC EVENTS: In the U.S., little economic data of note was reported given the Veteran's Day holiday.
TOP NEWS: Shares of Lyft (LYFT) are 3% higher near noon following the company's Q3 results. BTIG analyst Jake Fuller notes that the company's Q3 results did not yield any top-line surprises, but Lyft's progress on operating expenses is likely to be the main focal point for investors. Meanwhile, Jefferies analyst Brent Thill noted that Lyft said it is in the early stages of investing in a delivery business that "looks different than traditional food delivery" with a main focus on local retailers and acting as a B2B last mile fulfillment and logistics provider.
In other earnings news, shares of Datadog (DDOG) are down 11% following last night's Q3 results. JPMorgan analyst Sterling Auty, who downgraded Datadog to Neutral, noted the company reported its second straight quarter of growth deceleration and said he expects its "valuation to normalize toward other hyper growth names."
Alibaba (BABA) reported that its Singles' Day festival Gross Merchandise Value, or GMV, grew to a total of 498.2B yuan this year, according to Bloomberg. However, reaction to the 11.11 festival figures may continue to be subdued by yesterday's news that China is considering tougher rules for the country's digital platforms.
MAJOR MOVERS: Among the noteworthy gainers was Revlon (REV), which rose 28% after Bloomberg said the company is nearing the level of support needed from creditors for a debt deal to avoid bankruptcy. Also higher were FuboTV (FUBO) and Brooks Automation (BRKS), which gained a respective 15% and 13% after reporting quarterly results.
Among the notable losers were Tilray (TLRY) and Aurora Cannabis (ACB), which declined 9% and 21%, respectively, after both stocks were downgraded to a Sell rating at Stifel. In addition, Aurora Cannabis priced a 20M share spot secondary offering at $7.50 per share. Also lower were eGain (EGAN) and Model N (MODN), which fell 30% and 11%, respectively, after reporting quarterly results.
INDEXES: Near midday, the Dow was up 78.64, or 0.27%, to 29,499.56, the Nasdaq was up 227.42, or 1.97%, to 11,781.28, and the S&P 500 was up 32.54, or 0.92%, to 3,578.07.
Lyft
+0.8 (+2.22%)
eGain
-4.985 (-29.46%)
Brooks Automation
+8.11 (+13.65%)
FuboTV
+2.23 (+14.23%)
Revlon
+2.65 (+30.15%)
Aurora Cannabis
-1.72 (-20.80%)
Tilray
-0.73 (-8.80%)
Datadog
-9.47 (-10.25%)
Alibaba
+2.8 (+1.05%)
Model N
-3.67 (-10.34%)