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Energy stocks are swooning amid Goldman Sachs' price-target cuts
The Dow Jones Industrial Average (INDEXDJX:DJI) popped out of the gate, but quickly succumbed to headwinds as oil dropped to a new five-year low. Weighing on liquid gold was Goldman Sachs' decision to lower its price forecast, which the firm followed with a number of bearish brokerage notes on energy stocks. Meanwhile, all eyes are on Alcoa Inc (NYSE:AA), which will unofficially kick off earnings season after the close. At last check, the DJI was down 47.7 points, or 0.3%, at 17,689.65.
Continue reading for more on today's market -- and don't miss:
- Why recent options traders are cheering a massive sell-off in this biopharmaceutical stock.
- Schaeffer's contributor Adam Warner asks an important question: Will 2015 turn into 2008?
- Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.
Among the stocks with notable call volume is streaming content provider Sirius XM Holdings Inc. (NASDAQ:SIRI), where the contracts are crossing at nearly nine times the expected intraday rate. The majority of the action has transpired at the at-the-money June 3.50 call, where a block of 34,000 contracts changed hands. While it appears these positions are being initiated, it's unclear whether they're being bought or sold. At last check, SIRI was up 0.1% at $3.54.
For more midday statistics and stocks on the move, head to page 2.
Tiffany & Co. (NYSE:TIF) is among the major decliners on the Big Board today -- down nearly 12% to trade at $91.25 -- after lowering its annual forecast in the wake of a disappointing holiday season. Also hitting on the shares was a price-target cut to $110 from $121 at Sterne Agee, which nonetheless maintained its "buy" rating. On the other hand, Canaccord Genuity upped its price target by $3 to $100, and reiterated its "hold" opinion.
Tekmira Pharmaceuticals Corporation (NASDAQ:TKMR) is among the Nasdaq's most impressive gainers, tacking on more than 42% to hover around $22.36. Spurring the stock higher is the firm's agreement to buy privately held OnCore Biopharma Inc. TKMR is now exploring territory not charted since mid-October.
The CBOE Volatility Index (VIX) is up 1.6 points, or 9.2%, at 19.16, after losing ground in last week's trading.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.71, with puts running ahead of calls. At last check, SPY is down 1.4 points, or 0.7%, at $202.86.