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Factory activity and consumer spending both declined
The Dow Jones Industrial Average (INDEXDJX:DJI) has spent the first half of the session trading on both sides of breakeven -- resulting in a roughly 230-point range. While a dreary reading on the Institute for Supply Management's (ISM) manufacturing index -- as well as a sharp drop-off in consumer spending -- sent markets lower in mid-morning action, crude's continued bounce appears to have brought some buyers back to the table. At last check, the DJI was up 93 points, or 0.5%, while crude for February delivery has tacked on 1.3% to trade at $48.85 per barrel.
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Among the stocks with notable put volume is software issue Autodesk, Inc. (NASDAQ:ADSK), where the contracts are crossing the tape at a rate 30 times the average intraday pace. Most active is the February 52.50 put, where it appears the majority of positions have been sold to open as traders roll the dice on a short-term floor. At last check, ADSK is up 0.1% at $54.06.
For more midday statistics and stocks on the move, head to page 2.
Restaurant issue Shake Shack Inc (NYSE:SHAK) is one of the leading laggards on the Big Board. The shares went public on Friday, and initially surged higher. Today, though, the equity tumbled to an all-time low of $42, but was last seen down 3.8% at $44.15.
Network solutions specialist Sonus Networks, Inc. (NASDAQ:SONS) is one of the notable decliners on the Nasdaq. The stock is down 8.4% to $17.48 on no apparent news, and is on track to log its biggest daily percentage decline since November 2013. Heading into today's session, the equity was already down almost 4% on the year, and an extended slide could prompt a round of downgrades. Currently, all eight analysts covering the shares maintain a "strong buy" rating.
The CBOE Volatility Index (VIX) is down 0.9 point, or 4.4%, to trade at 19.96.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.95, with puts nearly doubling calls. At last check, SPY is up 1.1 points, or 0.6%, at $200.56.