Dow Jones Industrial Average Eyes Five in a Row

The $7.3 Billion Biotech Deal

Jul 15, 2015 at 11:57 AM
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The Dow Jones Industrial Average (DJIA) recovered from a quick dip in the red to find itself back in the black -- and on pace for a fifth straight daily win -- around midday. Traders have been evaluating the latest from Fed Chair Janet Yellen's back-and-forth with Congress today, where the central banker restated her belief there will be a rate hike this year, and waxed optimistic on the economy. Also in focus is the latest batch of earnings reports, a bigger-than-expected uptick in industrial production, and the highly anticipated Greek parliament vote. Elsewhere, the Nasdaq Composite (COMP) is once again getting a lift from biotech names


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Among the stocks with notable put activity is Yum! Brands, Inc. (NYSE:YUM), after the company posted disappointing earnings. Puts are crossing at 10 times the expected midday pace, and the July 91 put has seen heavy interest. It appears traders are buying to open the option, expecting additional losses below $91 before front-month options expire this Friday. At last glance, YUM was down 2.3% at $89.47. 


One of the top gainers on the NYSE is Fitbit Inc (NYSE:FIT), which has added 5.1% to sit at $48.36. Moreover, FIT hit another all-time high of $48.98 earlier. Since shares of the fitness device firm started trading on June 18, they've gained close to 60%. 


One of the top losers on the Big Board is metal supplier Allegheny Technologies Incorporated (NYSE:ATI). The stock has given back 7.7% to hit $25.89, and earlier touched a six-year low of $24.64, after the company lowered its current-quarter expectations. Even before today's slide, ATI was off over 19% in 2015. 




The CBOE Volatility Index (VIX) is 2.2% at 13.07. 


Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.78, with puts nearly doubling calls. The SPY was last seen up 0.5 point, or 0.2%, at $211.13.


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