Schaeffer's Trading Floor Blog

Midday Market Stats: Dow Jones Industrial Average Waffles On Mixed Earnings, Economic Data

Fundamental news produces big moves in RadioShack Corporation and SanDisk Corporation

by 4/17/2014 12:03 PM
Stocks quoted in this article:

The Dow Jones Industrial Average (INDEXDJX:.DJI) has been waffling above and below breakeven today, with investors feeling uncertain after the latest set of earnings reports. At last check, the Dow was 23.4 points lower at 16,401.47. In economic news, weekly jobless claims rose by 2,000 to a seasonally adjusted 304,000 last week, but finished well below economists' average estimate. Elsewhere, the Philadelphia Fed's manufacturing survey revealed better-than-expected business conditions in April.

Here are a few noteworthy stats at midday:

  1. The equity put/call volume ratio across all 12 options exchanges checks in at 0.80, with calls outweighing puts. Currently, 4.71 million calls are on the tape, compared to 3.78 million puts.

  2. Among the equities with notable call volume is RadioShack Corporation (NYSE:RSH), which has plummeted nearly 14% to $1.46, and earlier hit a record low of $1.45. This downside move follows news of difficulties in the electronics guru's store-closing plan. With the stock's value approaching zero, over 77% of RSH's options volume has crossed on the call side.

  3. The Nasdaq Exchange shows an advance/decline ratio of 1.22, with advancing stocks besting decliners.

  4. One of the Nasdaq's big advancers at midday is SanDisk Corporation (NASDAQ:SNDK), which has jumped 10.4% to trade at $83.70 following a first-quarter earnings beat reported last night. The data storage expert also upped its gross margin target range for 2014.

  5. The CBOE Volatility Index (VIX) has slipped 0.6 point, or 4%, to 13.62, and earlier dipped below 13.50 -- a level not breached on a daily closing basis in two weeks.

  6. The put/call volume ratio on the iPath S&P 500 VIX Short-Term Futures ETN (NYSEARCA:VXX) -- 0.7% lower at $42.05 -- is 0.70, with call volume outweighing put volume.

View a real-time chart of the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI).

Unusual Option Volume at Midday


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