Stocks had a mixed Veteran's Day, with the Nasdaq joining back in the rally following a Tuesday of underperformance and the Dow dipping after being yesterday's leader. The stock market was open, but bond markets were closed for the holiday, which contributed to lower volume and a subdued trading backdrop.
ECONOMIC EVENTS: In the U.S., little economic data of note was reported given the Veteran's Day holiday.
In COVID-19 news, New York Governor Andrew Cuomo said that the state is taking action to stop the spread of the virus by mandating that any establishment with a state liquor license, including bars and restaurants, must close at 10:00 pm ET. Gyms must also close at that time, Cuomo added. The governor said that the new statewide rules will take effect on Friday, November 13.
In energy news, Bloomberg reported that talks between the Organization of the Petroleum Exporting Countries, or OPEC, and allies that include Russia are "zeroing in" on delaying next year's planned oil production increase by three to six months.
TOP NEWS: Shares of Lyft (LYFT) gained 1% following the company's Q3 results. BTIG analyst Jake Fuller said 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) fell 6.2% 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 final Singles' Day festival Gross Merchandise Value, or GMV, grew to a total of $74.1B this year, with the GMV of U.S. brands participating in this year's 11.11 amounting to $5.28B. 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 22.5% 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 2.4% and 12.1% after reporting quarterly results.
Among the notable losers were Tilray (TLRY) and Aurora Cannabis (ACB), which declined 3.5% and 7.7%, 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 27.6% and 9.3%, respectively, after reporting quarterly results.
INDEXES: The Dow fell 23.29, or 0.079%, to 29,397.63, the Nasdaq gained 232.58, or 2.01%, to 11,786.43, and the S&P 500 advanced 27.13, or 0.77%, to 3,572.66.
Lyft
+0.37 (+1.02%)
Datadog
-5.63 (-6.09%)
Alibaba
-0.955 (-0.36%)
Revlon
+2.32 (+26.39%)
FuboTV
+0.355 (+2.27%)
Brooks Automation
+7.16 (+12.05%)
Tilray
-0.285 (-3.43%)
Aurora Cannabis
-0.62 (-7.50%)
eGain
-4.67 (-27.60%)
Model N
-3.31 (-9.33%)