Auto Sales Weigh on Stocks; Dow Jones Industrial Average, Nasdaq Retreat

Traders are digesting underwhelming February auto sales

Mar 3, 2015 at 11:39 AM
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The Dow Jones Industrial Average (INDEXDJX:DJI) is off triple digits around midday -- pulling back from Monday's historic levels -- as traders digest February auto sales data. So far, these figures have been mostly disappointing, with Detroit darlings General Motors Company (NYSE:GM) and Ford Motor Company (NYSE:F) both posting results shy of estimates. Meanwhile, among major U.S. benchmarks, the tech-heavy Nasdaq Composite (COMP) is faring the worst, and has dropped below the key 5,000 level.

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

Midday Market Stats

Among the stocks with notable call volume is in-flight wireless issue Gogo Inc (NASDAQ:GOGO), which is up 4.2% at $19.21 after last night announcing a $300 million convertible notes offering. Specifically, calls are crossing at nearly nine times the usual rate for this point in the session, and buy-to-open activity is detected at the April 19 and 20 strikes.

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

Consumer finance firm Springleaf Holdings Inc (NYSE:LEAF) is the largest gainer on the Big Board today, jumping more than 28% to trade at $48.75 after acquiring Citigroup Inc's (NYSE:C) OneMain consumer finance unit. Earlier, LEAF hit a record high of $52.48.

Daily Chart of LEAF since August 2014

Construction concern Primoris Services Corp (NASDAQ:PRIM) is the biggest decliner on the Nasdaq so far, following a fourth-quarter earnings miss and its acquisition of sector peer Aevenia. Specifically, PRIM has shed 18.1% to hover around $17.28, and earlier touched a two-year low of $16.90.

The CBOE Volatility Index (VIX) is up 1.1 points, or 8.4%, at 14.13, testing resistance at its descending 10-day moving average.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.83, with puts outstripping calls. SPY was last seen 1.6 points, or 0.7%, lower at $210.44.


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