Dow Jones Industrial Average Stutters as Greece Hopes Fade

Goldman Sachs Takes Sides on Automakers

by Josh Selway

Published on Jun 24, 2015 at 11:52 AM

Unlike its index peers, the Dow Jones Industrial Average (DJIA) has yet to sniff positive territory today. Specifically, both the S&P 500 Index (SPX) and Nasdaq Composite (COMP) have spent time above breakeven -- with the latter embracing yet another record high -- though both have since turned lower. The turn of events in Europe continues to dominate the headlines, after Greek debt talks reportedly stalled ahead of an afternoon meeting of Eurogroup members. Meanwhile, traders are also considering a final first-quarter U.S. gross domestic product (GDP) reading that was roughly in line with estimates, and a surprise upward revision to consumer spending. Elsewhere, the latest crude inventory report revealed a significant drop in domestic supplies. 


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Among the stocks with notable call activity is Alaska Air Group, Inc. (NYSE:ALK), as the contracts are crossing at seven times the expected intraday rate. The most popular option by far is the August 70 call, with signs pointing to buy-to-open activity. This means traders are betting on the airline stock to eclipse $70 -- and approach its all-time high $71.40 -- before August expiration. At last check, ALK was up 0.6% at $66.91. 


One of the top gainers on the Big Board is Cheetah Mobile Inc (ADR) (NYSE:CMCM). The shares are up 7.2% at $35.45, continuing their dominant 2015. The Chinese software stock has easily doubled this year, and recently found support in the form of its 32-day moving average. 



One of the biggest losers on the Nasdaq is Alcobra Ltd (NASDAQ:ADHD), which has fallen 13.7% to $7.24, after the company announced its drug for Fragile X Syndrome, MDX, missed its primary endpoints in a phase 2 study. Even with the drop, though, the biotech firm is 94% higher year-to-date. 


The CBOE Volatility Index (VIX) is up 0.2 point, or 2%, at 12.35.


Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.95, with puts nearly doubling calls. The SPY was last seen down 0.1 point, or 0.1%, at $211.93.

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