Dow Jones Industrial Average Pushes Back; UnitedHealth Group Leads Blue Chips

SCOTUS Lifts UnitedHealth; Analysts Circle Ambarella, Tesla

by Josh Selway

Published on Jun 25, 2015 at 12:02 PM

After a brief stumble below breakeven, the Dow Jones Industrial Average (DJIA) is back in positive territory -- and dancing around the 18,000 level -- around midday. While finance ministers continue to discuss Greece's debt situation at the European Union summit, stocks on the home front are reacting to today's Supreme Court decision to uphold subsidies offered under "Obamacare," which sent health care stocks -- including Dow component UnitedHealth Group Inc. (NYSE:UNH) -- soaring. Elsewhere, consumer spending saw a huge uptick in May, while jobless claims rose slightly. 


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Among the stocks with notable call activity is Avis Budget Group Inc. (NASDAQ:CAR), as the contracts are crossing at 11 times the expected midday pace. Traders have taken a heavy interest in the August 55 call, which it looks like is being bought to open. By purchasing the calls, speculators are hoping the shares top $55 by August options expiration. The vehicle rental concern was last seen 3.7% lower at $46.47, and just hit a new annual low of $45.79, after Credit Suisse cut its price target to $62.


One of the top gainers on the Nasdaq is health care concern Foundation Medicine Inc (NASDAQ:FMI), as the entire sector gets a lift thanks to the aforementioned Supreme Court ruling. The shares were last seen 5.4% higher at $34.60, and have retraced about 50% of their January bull gap. 


One of the top losers on the Big Board is Methode Electronics Inc. (NYSE:MEI), which has given back 32% to sit at $29.30, as the Street responds to the company's fiscal fourth-quarter numbers and full-year outlook. Earlier, the electrical device maker touched an annual low of $28.65. 


The CBOE Volatility Index (VIX) is up 0.3 point, or 0.2%, at 13.29. 


Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.5, with puts easily doubling calls. The SPY was 0.3 point, or 0.2%, higher at $210.84 at last check. 


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