Earnings, Jobless Claims Disappoint; Dow Jones Industrial Average Stumbles

After a promising start, stocks are falling

by Josh Selway

Published on Apr 9, 2015 at 11:52 AM
Updated on Jun 24, 2020 at 10:16 AM

Stocks have given back early morning gains, with the Dow Jones Industrial Average (DJIA) slipping into negative territory on the day. In fact, only seven of the index's 30 components were in the black at last check. Discouraging investors are mixed earnings numbers, as Alcoa Inc (NYSE:AA) started off first-quarter earnings season on shaky ground. On top of this, weekly jobless claims came in higher than expected.

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

Midday Market Stats

Among the stocks with notable call activity is Mylan NV (NASDAQ:MYL), with the contracts crossing at 12 times normal intraday volumes, and accounting for eight of MYL's 10 most active options. Heavy activity has been detected in the July series, and there's also possible buy-to-open action at the April 80 call. At last check, the stock was 4.5% higher at $71.41, and fresh off a record high of $72.62, following a price-target hike to $80 from $65 at Cowen.

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

Looking at the top gainers on the Nasdaq, biotech Novogen Limited (ADR) (NASDAQ:NVGN) is boasting a 33% lead to trade at $6. The shares touched an annual high of $6.74 early in the day, with gains stemming from positive findings associated with a potential skin cancer drug. Since the start of the year, the equity has nearly tripled.

Bed Bath & Beyond Inc. (NASDAQ:BBBY) is one of the biggest losers on the Nasdaq today, dropping 4% to trade at $74.50, due to mixed fiscal fourth-quarter results and a weaker-than-anticipated current-quarter profit forecast. Elsewhere, the shares received a price-target cut to $80 at J.P. Morgan Securities, and a hike to $70 at Deutsche Bank. With the decline, the equity is back in the red on a year-to-date basis.

30-Minute Chart of BBBY

The CBOE Volatility Index (VIX) is down 0.1 point, or 0.1%, at 13.97, as it fights to gain back the 14 level.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.47, as puts continue to outpace calls. SPY was last seen down 0.1 point, or 0.04%, at $207.88.


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