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Consumers are surprisingly upbeat about the economy this month
The Dow Jones Industrial Average (INDEXDJX:DJI) has rebounded from early losses, and is now sitting nearly 28 points, or 0.2% higher, assisted by a modest recovery in crude. If the Dow sustains this positive momentum through day's end, it will snap its current five-day losing streak -- but will almost certainly still finish with its third straight weekly deficit. On the economic front, the Street is weighing a significant slowdown in December factory output, an in-line consumer price index (CPI), and a surprisingly upbeat consumer sentiment index.
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Among the stocks with notable put volume is broker Charles Schwab Corp (NYSE:SCHW), with the contracts crossing the tape at roughly 16 times the expected intraday rate. Currently, the shares are sitting 0.5% lower at $26.54, as Deutsche Bank's price-target cut to $37 overshadows this morning's earnings beat. SCHW's most active option by far is the March 26 put, with buy-to-open activity detected.
For more midday statistics and stocks on the move, head to page 2.
Well site service provider Basic Energy Services, Inc (NYSE:BAS) is among the biggest advancers on the Big Board, up 5.4% to trade at $5.76, boosted by an intraday rally in energy prices. However, year-over-year, the shares have still shed roughly two-thirds of their value, and bottomed at a record low of $5.01 on Dec. 12.
Cloud software developer E2open Inc (NASDAQ:EOPN) is the top advancer on the Nasdaq, tacking on 34.2% to wink at the $7.34 level. Helping the shares higher is news that the company has adopted a poison pill provision to defend against a potential takeover attempt by Altai Capital Management LP. Also, EOPN has hurdled overhead resistance at its descending 10-day moving average, located at $7.11.
The CBOE Volatility Index (VIX) is up 0.5 point, or 2%, at 22.84, and remains on track to post back-to-back finishes north of 22 for the first time since mid-October.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.33, with puts outweighing calls. At last check, SPY is up 0.9 point, or 0.4%, at $199.87, as it continues to waver at the key 200 level.