Dow Jones Industrial Average Wobbles on Earnings, Energy

Crude oil is trading at levels not seen since April 2009

Jan 29, 2015 at 11:44 AM
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The Dow Jones Industrial Average (INDEXDJX:DJI) has been seen on both sides of breakeven today, and was last seen up 37 points, or 0.2%. Helping boost the blue-chip barometer is a 3.8% pop for Boeing Co (NYSE:BA), which is continuing to benefit from a well-received earnings report. However, the day's gains are being capped by big drops in energy names Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM), which come after crude oil fell south of the $44 mark for the first time April 2009.

Elsewhere on the Street, the Nasdaq Composite (COMP) is off roughly 0.2%, while the S&P 500 Index (SPX) is testing its footing at the round-number 2,000 mark, as traders digest the latest round of corporate earnings results and a mixed bag of economic data. Specifically, weekly jobless claims fell to a 15-year low, while pending home sales dropped 3.7% in December.

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

Midday Market Stats

Among the stocks with notable option activity is social media maven Facebook Inc (NASDAQ:FB), where overall volume has soared to three times what's typically seen at this point in the day. Most active is FB's February 80 call, which is seeing a mix of buying and selling activity. Meanwhile, it appears short positions are being initiated at the equity's March 82.50 call, as traders set a near-term ceiling. At last check, the stock was up 0.3% at $76.52, following last night's strong earnings report and subsequent round of upbeat analyst attention.

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

QUALCOMM, Inc. (NASDAQ:QCOM) is one of the biggest decliners on the Nasdaq today, after the chipmaker's downwardly revised full-year forecast was met with a slew of bearish brokerage notes. At last check, the stock was off 11.4% at $62.94, and earlier hit an annual low of $62.47. What's more, the shares are currently sitting south of their 50-month moving average -- a trendline that hasn't been breached on a monthly closing basis since August 2010.

Monthly Chart of QCOM Since January 2010 With 50-Month Moving Average

Harman International Industries Inc./DE/ (NYSE:HAR) is one of the major advancers on the Big Board, after the automotive issue announced two well-received fundamental developments. Against this backdrop, the shares tagged a seven-year peak of $121.96 earlier, and were last seen 18.2% higher at $119.39. Today's price movement is likely being met with cheers in the options pits. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 10-day call/put volume ratio of 8.72 ranks 4 percentage points from an annual bullish peak.

The CBOE Volatility Index (VIX) is up 0.2 point, or 0.9%, at 20.62.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.15, with puts more than doubling calls. At last check, SPY is a down 0.5 point, or 0.3%, at $199.68.

 

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