Schaeffer's Trading Floor Blog

Midday Market Stats: Dow Jones Industrial Average Climbs 22 Points

YELP rallies on acquisition news and raised guidance

by 10/24/2012 11:49 AM
Stocks quoted in this article:

As the Federal Open Market Committee (FOMC) wraps up its two-day meeting, the Dow Jones Industrial Average (DJI - 13,124.61) is up 22 points, or 0.2%, thanks to upbeat news out of China, as well as a positive earnings report from The Boeing Company (NYSE:BA). The aerospace firm topped consensus bottom-line estimates, while also upwardly revising its full-year guidance. Meanwhile, the Commerce Department said new home sales climbed 5.7% last month to a seasonally adjusted yearly rate of 389,000 -- marking the highest level since April 2010, and besting economists' projections for a rise to just 387,000. Elsewhere, the CBOE Market Volatility Index (VIX - 18.43) is 0.4 point, or 2.1%, lower.

Here are a few noteworthy stats at midday:

  1. The equity put/call volume ratio across all 10 options exchanges sits at 0.93, with 2.8 million calls exchanged so far today, versus 2.6 million puts.

  2. Among the equities with call-skewed activity is Tempur-Pedic International Inc. (NYSE:TPX - 25.20), despite falling about 21% after swinging to a third-quarter loss and slashing its 2012 outlook. The news also triggered a price-target cut to $26 from $27 at Wedbush this morning. Nevertheless, calls make up 65.2% of the mattress manufacturer's intraday option volume.

  3. The put/call volume ratio on the iPath S&P 500 VIX Short-Term Futures ETN (NYSEARCA:VXX - 37.13) checks in at 0.83, with calls outpacing puts.

  4. The New York Stock Exchange (NYSE) shows an advance/decline ratio of 1.11, with the number of upward movers outstripping the decliners.

  5. Among the NYSE's major advancers is Yelp Inc (NYSE:YELP - 26.93), which has gained more than 12% in intraday trading. The company announced it will acquire European reviews website Qype for approximately $50 million in cash and stock in an effort to ramp up its global expansion efforts. On a separate note, YELP also raised its third-quarter revenue forecast.

  6. Bullish sentiment fell for a fifth straight week last week, according to the latest Investors Intelligence survey. The percentage of financial advisors with a bullish view on stocks slipped to 41.5% from 42.6%, while the percentage bearish increased to 27.7% from 26.6%. Meanwhile, the percentage of advisors expecting a market correction remained unchanged at 30.8%.
Unusual Option Volume at Midday


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