Dow Jones Industrial Average Set to Snap Win Streak; Banks Lead Pullback

The Dow Jones Industrial Average (DJIA) is down, on pace to snap its seven-day win streak, as stocks take a breather from their post-election surge. Financial stocks are pacing the pullback after a red-hot rally, with Goldman Sachs Group Inc (NYSE:GS) and JPMorgan Chase & Co. (NYSE:JPM) leading the Dow laggards in the wake of hawkish Fed comments and one central banker's warning on "too big to fail" banks. Traders are also reacting to underwhelming inflation and housing data, and keeping an eye on the rising dollar and bond yields. Meanwhile, the Nasdaq Composite (COMP) is continuing its ascent, buoyed by gains in the tech sector, while December-dated crude futures are down 0.6% at $45.55 per barrel, on news that U.S. oil stockpiles increased by more than double analysts' expectations.

• The looming IPO and miscalculation that has Facebook Inc (NYSE:FB) under bearish fire.
• How option traders are playing Cisco Systems, Inc. (NASDAQ:CSCO) ahead of earnings tonight.
• Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

• Plus... One rising retailer, the latest shipping stock on fire, and a biotech taking it on the chin.

Among the stocks with unusual volume at midday is retailer Target Corporation (NYSE:TGT), after delivering an earnings win and upwardly revising its full-year forecast this morning. TGT is currently trading 8.1% higher at $77.19, with options crossing at five times their average intraday rate, with calls outnumbering puts 26,000 to 15,000, and call volume on pace to notch an annual high.

Shipping stock Globus Maritime Ltd (NASDAQ:GLBS) is among the top performers on the Nasdaq today, benefitting from sector-wide rally. GLBS is currently up a staggering 235% at $16.60 so far today, after being halted for volatility earlier, and the stock is up almost 3,000% since the beginning of 2016. Earlier today, GLBS touched a four-year high of $23.60.

Biotech stock PDL BioPharma Inc (NASDAQ:PDLI) is among the worst performers on the Nasdaq today, trading 17.6% lower at $3.07, after a proposed offering of $150 million in convertible senior notes. Today's move puts the biotech down more than 13% year-to-date, with the shares repeatedly running into resistance at the $3.60-$3.90 level, which is now home to PDLI's 320-day moving average.

The CBOE Volatility Index (VIX) is up 5.5%, or 0.7 point, at $14.10.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.37, with puts leading calls. At last check, SPY was down 0.2%, or 0.4 point, at $217.88.

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