Dow Jones Industrial Average Cools Off Amid Greece's 'Game of Chicken'

Why One 'Undervalued' Stock is Surging

by Alex Eppstein

Published on Jun 19, 2015 at 12:16 PM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJIA) has spent almost the entire session in the red -- cooling off after Thursday's big day, and putting its winning streak in jeopardy. Traders are feeling jittery ahead of Monday's emergency meeting of eurozone leaders, who will make one last push to reach a deal with Greece. Meanwhile, the European Central Bank (ECB) upped its emergency funding for Greek banks, and European Council President Donald Tusk warned Greece to end "the game of chicken" and either accept a "good offer of continuing support, or head towards default."

 

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Among the stocks with notable call volume is Mattel, Inc. (NASDAQ:MAT), following its new agreement with Tesla Motors Inc (NASDAQ:TSLA). Specifically, MAT calls are crossing at triple the usual intraday rate, with the most activity transpiring at the in-the-money July 26 strike. At last check, the stock is off 0.9% at $26.76.

 

Once again, one of the top gainers on the Big Board is Wall Street newcomer Fitbit Inc (NYSE:FIT), up 10% at $32.66 after hitting a record high of $33.95. The shares went public yesterday, and soared nearly 50%, relative to their initial public offering (IPO) price of $20.

 

Amid a China-based stock swoon, one of the leading losers on the Big Board is NQ Mobile Inc (ADR) (NYSE:NQ), down 8% at $5.55 -- and poised to close below its 10-day moving average for the first time since May 22. The Beijing-based telecom stock broke out since touching its most recent low of $3.36 in early May, surging over 65%.

 

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The CBOE Volatility Index (VIX) is up 0.05 point, or 0.4%, at 13.24.

On quadruple-witching Friday, the put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.67, with puts more than doubling calls. SPY was last seen 0.3 point, or 0.2%, lower, at $211.44.


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