Dow Jones Industrial Average Cools Amid Mixed Data

Drugmakers Blow Up; Plus, SINA's Insider Investment

Jun 1, 2015 at 11:53 AM
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The Dow Jones Industrial Average (DJIA) shot sharply higher out of the gate, but at last check, its momentum had cooled amid a mixed round of economic data. On the plus side, the Institute for Supply Management's (ISM) manufacturing index and Markit purchasing managers index (PMI) topped estimates, construction spending hit a more than six-year high, and personal income edged past the Street's target. However, spending and inflation figures both missed the mark.

Separately, Boston Fed President Eric Rosengren said he'd like the central bank to start hiking interest rates as soon as possible, but the economic data of late "makes a compelling argument for continued patience in monetary policy." Also, Fed Vice Chair Stanley Fischer warned against "the mistake of believe that we have put an end to financial crises."

 

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Among the stocks with notable call volume is Halozyme Therapeutics, Inc. (NASDAQ:HALO), with the contracts running at more than twice the usual intraday pace. Digging deeper, the drugmaker's June 18 call is the most active strike, and may be seeing buy-to-open activity. At last check, HALO was up 5.7% at $18.33, and earlier notched an all-time high of $19, following upbeat data on its pancreatic cancer drug.

 

One of the top gainers on the Big Board -- for the second session in a row -- is ITT Educational Services, Inc. (NYSE:ESI). The shares have gained 32% to trade at $5.74, despite a lack of fresh drivers. ESI is now on pace to close atop its 40-day moving average for the first time since late March.

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One of the leading losers on the Big Board is Peabody Energy Corporation (NYSE:BTU), which has shed 6.2% to trade at $3.17 -- a record low. Weighing on the shares is a "sell" initiation at Goldman Sachs, which also set a $2 price target -- territory never before explored -- citing pressure on U.S. thermal coal demand. 

 

The CBOE Volatility Index (VIX) is up 0.6 point, or 4%, at 14.39.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.59, with puts outstripping calls. At last check, SPY was up 0.4 point, or 0.2%, at 211.51.

 


 

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