Dow, Nasdaq Up Triple Digits as Nvidia Sparks Tech Rally

• Walmart stock on track for best day since April.
• Quantum computing deal boosts IBM.
• Plus, Bath & Body Works' dismal quarter; Regeneron gets the FDA green light; behind KR's losses.

Bath & Body Works Inc (NYSE:BBWI) stock is down 23.6% to trade at $16.07 at last check, after the company missed third-quarter earnings and revenue expectations and cut its annual sales and profit forecast. In response, shares attracted a price-target cut from BofA Global Research to $32 from $40. The options pits are chiming in as well, with 19,000 calls and 59,000 puts traded so far today, which is eight times the intraday average volume. Most popular is the November 20 put, where new positions are being bought to open. BBWI has shed 59% in the last nine months, and earlier hit a new five-year low of $15.63.

 

Regeneron Pharmaceuticals Inc (NASDAQ:REGN) is the best performer on the SPX today, up 6.6% to trade at $748.33 at last check. Today's pop comes after the U.S. Food and Drug Administration (FDA) cleared a higher dose version of eye disease drug Eylea for the treatment of macular edema patients after retinal vein occlusion. The equity also received price-target hikes at Wells Fargo and Raymond James to $700 and $800 from $615 and 723, respectively. REGN is trading at its highest level since December, and now sports a 25% six-month lead.

 

Kroger Co (NYSE:KR) stock is among the worst stocks on the SPX today, last seen down 2.3% to trade at $65.83, following yesterday's news that the grocer will close three automated delivery fulfillment facilities and incur a roughly $2.6 billion impairment charge for its third quarter. KR sports a 14.1% year-over-year lead, but yesterday failed to conquer familiar resistance at the 80-day moving average as it attempted to bounce off its lowest level since March.