Schaeffer's Trading Floor Blog

Midday Market Stats: Dow Jones Industrial Average Hovers Below Breakeven

SINA falls on weak fourth-quarter guidance

by 11/16/2012 11:46 AM
Stocks quoted in this article:

As President Barack Obama convenes with congressional leaders today to discuss the widely feared fiscal cliff, the Dow Jones Industrial Average (DJI - 12,535.99) is down 6 points, or 0.1%, with investors' anxieties regarding both the U.S. and global economies weighing on the major benchmark. Meanwhile, rising tensions in the Middle East have driven oil prices higher, triggering fears of a potential supply disruption. Elsewhere, the CBOE Market Volatility Index (VIX - 18.04) is 0.1 point, or 0.3%, higher.

Here are a few noteworthy stats at midday:

  1. The equity put/call volume ratio across all 10 options exchanges stands at 1.20, with 4.8 million puts exchanged so far today, compared to 4.0 million calls.

  2. Among the equities with put-heavy activity is Allscripts Healthcare Solutions Inc (NASDAQ:MDRX - 12.06), which has edged 0.7% lower today. Currently, puts account for 99.8% of the security's intraday option volume.

  3. The put/call volume ratio on the iPath S&P 500 VIX Short-Term Futures ETN (NYSEARCA:VXX - 36.92) sits at 1.04, with puts outnumbering calls.

  4. The Nasdaq shows an advance/decline ratio of 0.54, with the number of downward movers almost doubling the advancers.

  5. Among the Nasdaq's major decliners is SINA Corporation (NASDAQ:SINA - 45.13), which has shed about 15% in intraday trading, despite besting consensus bottom-line estimates for the third quarter. Instead, investors are focusing on the company's drop in core profits, along with its downbeat revenue outlook for the current quarter. The results also triggered a price-target cut to $70 from $80 at Stifel Nicolaus this morning.
Unusual Option Volume at Midday

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