Schaeffer's Trading Floor Blog

Midday Market Stats: Dow Jones Industrial Average Up After GDP, Jobs Reports

Call volume soars on Tyson Foods, Inc. following bid announcement

by 5/29/2014 11:58 AM
Stocks quoted in this article:

Although the preliminary U.S. gross domestic product (GDP) reading fell at a steeper-than-expected annual rate of 1% in the first quarter, the Dow Jones Industrial Average (INDEXDJX:.DJI) is up 15.06 points, or 0.09%, to 16,648.24 at midday. Additionally, the S&P 500 Index (SPX) ran to a fresh record high of 1,915.78 out of today's gate. Contributing to such gains were Wall Street's projections for strong growth in the second quarter, and a steeper-than-expected decline in jobless claims last week. Meanwhile, pending home sales increased just 0.4% in April, falling short of analysts' estimated 2% gain.

Here are a few noteworthy stats at midday:

  1. The advance/decline ratio on the Nasdaq stands at 1.59, with the number of advancing stocks outstripping the decliners.

  2. The equity put/call volume ratio across all 12 options exchanges comes in at 0.71. Roughly 3.06 million calls, compared to about 2.20 million puts, have crossed the tape so far.

  3. Among the names with call-heavy trading activity today is Tyson Foods, Inc. (NYSE:TSN). Overall options volume is trading at about four times the intraday average, and nearly 87% of these contracts have changed hands on the call side. Meanwhile, on the charts, TSN is up 7.1% to trade at $43.61, after the company entered the bidding war for Hillshire Brands Co (NYSE:HSH) with a $50-a-share all-cash offer.

  4. The CBOE Volatility Index (VIX) is hovering right at breakeven at 11.68, and is on track to finish the session below the 12 mark for the fourth consecutive trading day.

  5. The iPath S&P 500 VIX Short-Term Futures ETN (NYSEARCA:VXX) hit a fresh record low of $33.41 earlier today, and is currently down 0.18% at $33.72. As such, the ETN is poised to close the session below the $34 level for the third day in a row. Meanwhile, the ETN's put/call volume ratio stands at 0.73, with call volume outpacing put volume.

View a real-time chart of the Dow Jones Industrial Average (INDEXDJX:.DJI).

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