The DJIA has reversed course, as economic data, oil prices, and KO earnings overshadow AAPL and BA earnings beats
The Dow Jones Industrial Average (DJIA) jumped at the open, thanks to earnings beats from Dow stocks Apple Inc. (NYSE:AAPL) and Boeing Co (NYSE:BA). However, the Dow has given up its early lead, as stocks react to downbeat data on durable goods orders, a post-earnings drop for blue chip The Coca-Cola Co (NYSE:KO), and sinking oil prices. September-dated crude fell by 1.9% to $42.11 per barrel, after the latest weekly crude inventories report showed a surprise rise in domestic supplies. Meanwhile, investors are awaiting this afternoon's Federal Open Market Committee (FOMC) policy decision.
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Among the stocks with unusual option volume is Dow stock The Coca-Cola Co (NYSE:KO), with puts trading at seven times the usual intraday clip. KO's August 43 put is the most active option, with some post-earnings traders likely selling the contracts to close. KO was last seen down 3.4% at $43.35.
Biotech Recro Pharma Inc (NASDAQ:REPH) is among the best performers on the Nasdaq today, after promising late-stage trial results for its non-opiod intravenous painkiller, Meloxicam. REPH is up 23.4% at $9.48 -- and earlier touched a year-to-date high of $12.50 -- and finally past resistance at its 200-day moving average.
Tech stock Akamai Technologies, Inc. (NASDAQ:AKAM) is among the worst performers on the Nasdaq today, down 16.6% at $48.42, after issuing lackluster current-quarter guidance and getting bombarded by bearish brokerage notes. AKAM is currently on the short-sale restricted list, with options trading at 11 times their usual clip.
The CBOE Volatility Index (VIX) is up 2.4%, or 0.3 point, at 13.36.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.53, with puts outpacing calls. SPY is down 0.3%, or 0.7 point, at $216.10.
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