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The Dow Jones Industrial Average (INDEX:DJI) and crude futures are in the red
After a brief period north of breakeven, the Dow Jones Industrial Average (INDEX:DJI) is 30 points lower, as traders weigh the latest big-cap earnings reports and economic data while awaiting tomorrow's Federal Open Market Committee (FOMC) meeting. Blue chip Merck & Co., Inc. (NYSE:MRK) kicked off a week chock-full of earnings reports; after initially pointing higher ahead of the bell, the pharmaceutical concern reversed course on a revenue miss and downwardly revised guidance, with the stock last seen 1.5% lower. Outside of earnings, the National Association of Realtors said pending home sales were relatively flat in September, while Goldman Sachs slashed its 2015 oil outlook, sending black gold plunging beneath $80 per barrel.
Continue reading for more on today's market, including:
- The beleaguered drugmaker spooking option bulls
- The blue chip extending last week's quest for new highs
- Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.
Across the 12 major options exchanges, calls are outpacing puts by a slim margin. One name seeing heavy call trading today is Sarepta Therapeutics Inc (NASDAQ:SRPT), which is down 32.6% at $15.87, after a drug application setback. At last check, SRPT calls are trading at 11 times the intraday norm -- and outpacing puts by a 7-to-1 margin -- and it looks like January 2015 20-strike call holders are liquidating their losing positions.
For more midday statistics and stocks on the move, head to page 2.
Among the 80 equities hitting new 52-week peaks on the Big Board is Procter & Gamble Co (NYSE:PG), which touched a record $86.48 amid an extended post-earnings celebration. No fewer than six brokerage firms have upped their price targets on PG -- which last week announced plans to spin off Duracell -- and Bernstein, CLSA, and BMO all underscored "outperform" endorsements. At last check, the equity was 1.5% higher at $86.44.
Like the major market indexes, the CBOE Volatility Index (VIX) is also sticking close to the flat line today. At last look, the "fear gauge" is 3.3% higher at 16.64.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) stands at 1.87, with put volume nearly doubling call volume so far. The ETF has surrendered 0.3% to 195.89, but remains 6% higher year-to-date.