Dow Jones Industrial Average Waffles; Crude, Gold Look to Rebound

The Dow Jones Industrial Average (INDEXDJX:DJI) is on pace for a fourth straight weekly win

by Andrea Kramer

Published on Nov 14, 2014 at 11:58 AM
Updated on Apr 20, 2015 at 5:32 PM

U.S. stocks are waffling around breakeven, despite a couple of upbeat economic reports. Specifically, domestic retail sales rebounded by a bigger-than-expected 0.3% in October, and consumer sentiment hit a seven-year peak in November, according to preliminary data from Thomson Reuters/University of Michigan. Outside of the economic calendar, traders are keeping an eye on commodities, with crude futures clawing out of four-year-low territory, and gold bouncing back amid a cooling greenback. Among equities in focus, Merger Mania has hit the Street, with Halliburton Company (NYSE:HAL) among stocks in the headlines.

At last check, the Dow Jones Industrial Average (INDEXDJX:DJI) is down 10.6 points, or 0.1%, while the S&P 500 Index (SPX) and Nasdaq Composite (COMP) sit just a hair's breadth above the flat line. For the week, however, the major market indexes are on pace for their fourth straight Friday-to-Friday gains.

Continue reading for more on today's market -- and don't miss:

  • 3 energy stocks garnering attention in the options pits.
  • The motorcycle maker revving engines at Goldman Sachs.
  • Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

Midday Market Stats

Among the stocks with notable call volume is biopharmaceutical concern Geron Corporation (NASDAQ:GERN), which has skyrocketed after licensing a cancer treatment to Johnson & Johnson (NYSE:JNJ). The shares of GERN were last seen 26.4% higher at $2.92, and calls are trading at 12 times the typical intraday rate. What's more, calls outnumber puts by a margin of more than 10-to-1. Digging deeper, it looks like some option bulls are buying to open the November 3.50 call, amid hopes for GERN to topple the strike -- a feat not accomplished since March -- by next Friday's close, when the front-month series expires.

For more midday statistics and stocks on the move, head to page 2.

One of the major Nasdaq gainers is Sky Solar Holdings Ltd (ADR) (NASDAQ:SKYS). The alternative energy issue went public yesterday, and ticked higher despite ugly guidance from SunPower Corporation (NASDAQ:SPWR) weighing on the solar sector. SKYS is now up 23.5% at $11.30, after rallying as high as $13.32 in early action. The stock opened at $8.26 on Thursday.

On the flip side, Movado Group, Inc (NYSE:MOV) is leading the Big Board laggards, after the watchmaker warned of a quarterly earnings miss and lowered its full-year sales outlook (subscription required). As a result, MOV has shed roughly one-third of its value today, plummeting to $25.60. Earlier, the equity tumbled to a two-year low of $25.11.

Daily Chart of MOV since August 2014

The CBOE Volatility Index (VIX) is down 0.2 point, or 1.5%, at 13.58. On a weekly basis, the "fear barometer" is set for a 3.5% gain.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.85, as puts nearly double calls. SPY is fractionally higher at $204.24, and on pace for a weekly uptick of 0.4%.


A Schaeffer's exclusive

TOP STOCK PICKS 2020

Access your FREE insider report before it's too late!


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


IRA/401k: The Crash-Proof Retirement Plan
Use gold to protect any IRA, 401(k), or retirement account from a looming financial crisis.
Stocks Eye Notable Weekly Gains on 3-Day Surge
Stocks are eyeing big weekly gains
WW Stock Brushes Off Bull Note
Morgan Stanley upgraded the Weight Watchers parent to "overweight" from "equal weight"
IRA/401k: The Crash-Proof Retirement Plan
Use gold to protect any IRA, 401(k), or retirement account from a looming financial crisis.