Dow Jones Industrial Average Dives as Greece Nears 'Disaster'

Greece's 'Disaster' Sinks Dow; Plus, 3 Tumbling Tech Stocks

by Alex Eppstein

Published on Jun 15, 2015 at 11:52 AM
Updated on Jun 15, 2015 at 11:58 AM

Greece's failure to make progress with international creditors over the weekend is hitting the Dow Jones Industrial Average (DJIA) hard, with the index down triple digits. In light of the breakdown, Greece Prime Minister Alexis Tsipras has called an emergency government meeting, and former Greek Prime Minister George Papandreou described the situation as "very close to the brink of a disaster" -- though European Central Bank (ECB) President Mario Draghi said emergency funding remains available for Greek banks with sufficient cash and collateral. Stateside, aside from some encouraging housing stats, today's data has been largely underwhelming, highlighted by a two-year low in the Empire State manufacturing index and a surprise drop in industrial production.

 

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Among the stocks with notable call volume is Israeli security issue Cyberark Software Ltd (NASDAQ:CYBR), with the contracts crossing at triple the usual midday rate. At last check, the shares are 4.2% higher at $69.19, and short-term traders are eyeing additional upside, buying to open CYBR's June 70 call.

 

One of the noteworthy losers on the Nasdaq is Micron Technology, Inc. (NASDAQ:MU), which has dropped 4.5% to $24.01 -- and earlier skimmed an annual low of $23.70. Weighing on shares of the semiconductor firm is a bearish note from Morgan Stanley, which expressed concern over MU's customer inventory levels.

 

The leading gainer on the Big Board is Niska Gas Storage Partners LLC (NYSE:NKA), after the company reached a $912 million agreement to be acquired by Brookfield Infrastructure and Institutional Partners L.P. (NYSE:BIP). At last check, NKA was up an astounding 176% at $3.61 -- but remains south of the per-share offer price of $4.23, and has surrendered three-quarters of its value year-over-year.

 

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The CBOE Volatility Index (VIX) is up 1.5 points, or 10.8%, at 15.27.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.76, with puts nearly doubling calls. At last check, SPY is off 0.8 point, or 0.4%, at $209.15 -- and below the crucial 210 strike.



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