It’s been a volatile day in the markets so far today. Markets fell initially after the latest consumer price numbers showed inflation is running at a higher level than expected. That means a 0.75% rate rise next month looks very likely, and that’s not going to help stock prices.

The consumer price index increased 0.4% in September, ahead of the 0.3% market estimate. Core annual inflation, which excludes food and energy, came in at 8.8%, again higher than expected. However, once investors had had time to digest the figures, the main indices recovered and are now in positive territory, perhaps in the hope that this is the last sizable upward move in the inflation rate. The S&P 500 is up 1.4% at 3627, and the Nasdaq is up 0.8% at 10,499.

Read on for all of Thursday morning's main market movers.

Domino's Pizza (DPZ) was the biggest riser at lunchtime on the back of strong third quarter numbers. Shares are up 10.3% at $336.47. The pizza giant reported that same store sales rose 2% in the quarter, which was ahead of analyst forecasts. Domino's achieved this rise by aggressive price cuts, which were branded as ‘inflation relief’ deals. One example was a 50% discount on pizzas ordered online for a week in August.

On the downside, the rise in revenue was accompanied by a fall in profits – almost inevitable when you combine higher costs with lower prices for your customers. Earnings per share were $2.79, below an expected figure of $2.97. After’s today rise in the stock price, Domino's shares aren’t as cheap as their pizzas, but they have their attractions. Domino's is still growing – it’s still opening stores – and it benefits from running a franchise model at most stores. That means the company can generate decent cash flow without having to invest much capital in new openings.

Drugstore chain Walgreens Boots Alliance (WBA) announced better than expected fourth-quarter results and the shares are up 4.5% at $33.58 as a result. Adjusted earnings per share came in at 80 cents per share, ahead of analyst forecasts at 77 cents a share. The chain also gave a positive outlook statement for the year ahead. Prospects partly depend on some new ventures by the company – perhaps the most important is a partnership with VillageMD, which has already opened hundreds of doctors’ offices across the US.

Shares in Biogen (BIIB) are up 6% at $267.77 after analysts at Stifel upgraded the biotech stock to ‘buy.’ Biogen announced Phase 3 trial results last month for a potential Alzheimer’s treatment called Lecanemab. At first glance, the results looked positive, but not all experts are convinced that the drug works well, and approval from the FDA is far from guaranteed. However, Stifel isn’t in the negative camp and it thinks that concerns around the drug are overdone.

A successful result for Lecanemab would be a huge boost for Biogen. In 2021, the company’s sales fell 18% to $11 billion, but JPMorgan Chase thinks that Lecanemab could potentially generate revenue of $6 to $9 billion a year if approval was gained and things went well.

Cable group Comcast (CMCSA) has been boosted by an upgrade to ‘buy’ from ‘neutral’ by Citi. The stock price is up 4% at $29.92.

The big challenge for Comcast has been the rise of Netflix and the other streamers. They’ve taken viewers away from traditional premium cable channels. However, Citi thinks there are some opportunities for Comcast in the current environment: it could boost broadband and business revenue; it could ‘accelerate technology upgrades’; and it could ‘monetize underappreciated assets.’

Etsy (ETSY) was the biggest lunchtime faller, dropping 11% to $94.25. There was no stock-specific news today so it seems investors are nervously waiting for a third quarter update in early November. The second quarter numbers in the summer weren’t too bad, showing an 11% rise in revenue, and Etsy does have a big strategic strength: it’s the obvious online destination if you want to buy or sell vintage and handmade items.

Insurer Progressive (PGR) released disappointing third quarter results today and the stock price is down 3.8% at $116.86. Reported earnings per share were 49 cents, well below the consensus forecast of $1.24 a share.

Clearly the last three months haven’t gone well for Progressive but the company has a much better long-term track record. Its ‘combined ratio’ is particularly impressive. This ratio tells us what percentage of premiums are then paid out to customers in insurance payouts plus other expenses. Over the last 20 years, Progressive’s ratio is 91%, which is a lot lower (and hence better) than the average.

Alongside the wider fall in growth stocks, shares in ServiceNow (NOW) were also hurt by news of an insider share sale. ServiceNow reported today that the company’s chief commercial officer Paul John Smith had recently sold shares worth $65,000. The company’s chief counsel has also sold some stock.

Servicenow offers a ‘cloud-based workflow automation platform’ that helps businesses improve productivity. Even after an almost 40% fall in the stock price this year, the shares trade on a multiple of 40 times earnings. The stock price is down 2.5% at $362.22.

Atlassian (TEAM) has been one of the biggest fallers two days running. As with Servicenow, some insider share sales have probably contributed to the fall. Over the last two weeks, the CEO Michael Cannon-Brookes has sold just over 34,000 shares at an average price of $226 a share, raising approximately $8.6 million in the process.

In fairness, Cannon-Brookes still owns just 490,000 shares in the company and he may have a good personal reason to raise cash now. But nervous folk are going to worry that something is wrong – a boss selling shares into a falling market is never a good look. The stock price is down 2.3% at $196.73.

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