Dow Jones Industrial Average Flirts With 200-Point Lead

Blue Chips Take Off; Plus, Why Fitbit Has Analysts Swooning

Jul 13, 2015 at 11:53 AM
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The Dow Jones Industrial Average (DJIA) continues to push higher on the promising news out of Europe, where Greece agreed to bailout terms with its creditors. In fact, all 30 Dow components are in the black. There's little in the way of economic data today, meaning traders can focus their attention on overseas developments and corporate earnings season, which picks up in a big way this week. Meanwhile, the Nasdaq Composite (COMP) and S&P 500 Index (SPX) have each enjoyed notable gains, while gold and crude have both moved lower.  


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Among the stocks with notable call volume is semiconductor concern Marvell Technology Group Ltd. (NASDAQ:MRVL), as some are pegging the company as a takeover target. Calls are crossing at 10 times the expected rate, as it appears traders are buying to open the weekly 7/24 13.50-strike call. This means speculators are expecting the shares to trade atop $13.50 before the options expire at the close on Friday, July 24. MRVL was last see 3.1% higher at $12.90. 


One of the top gainers on the Nasdaq is  Voltari Corp (NASDAQ:VLTC), which has added 22.9% to trade at $5.86. It's been a wild year for the shares of the digital advertising firm. They shot up to a three-year high of $21.75 in late April, but have moved 73% lower since. Regardless, VLTC has increased over seven-fold in 2015. 


One of the top losers on the NYSE is Ann Inc (NYSE:ANN). The shares of the women's apparel company are off 3.4% at $46.65 today. ANN maintains a nearly 28% year-to-date lead, but the fresh batch of bearish traders have to be encouraged by today's decline. Specifically, short interest on the equity rose by 25.2% during the two most recent reporting periods. 


The CBOE Volatility Index (VIX) is off 15% at 14.30, and is trading below its 20-day moving average for the first time since June 26. 


Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.85, as puts outnumber calls. The SPY was last seen up 0.9% at $209.44. 


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