Dow Jones Industrial Average Slips On Data; Crude Plummets

Why Analysts See Record Highs for Disney

by Josh Selway

Published on Aug 3, 2015 at 12:08 PM

The Dow Jones Industrial Average (DJIA) has already traded in a 123-point range -- its 10th straight day of triple-digit swings -- to find itself lower at the halfway point. The DJIA quickly gave back a slim, early lead on the heels of another energy-sector swoon and tepid economic data. For example, personal spending increased by less than expected, and the Institute for Supply Management's (ISM) manufacturing index unexpectedly fell in June. In addition, traders continue to digest the painful return for Greece's stock market, while tracking the latest on the earnings front

 

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Among the stocks with notable put volume is insurance issuer Partnerre Ltd (NYSE:PRE). With news the company is being purchased for nearly $7 billion, puts are now crossing at 61 timethe typical pace. Digging deeper, it looks like traders are placing bets in the February series, perhaps to insure their positions in case the deal falls through. The shares of PRE were last see 2.2% higher at $139, and earlier touched a record peak of $139.05. 

 

One of the top gainers on the Nasdaq is Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX), after the company's oral cancer drug met its main goal in a late-stage study. Shares of the drugmaker are 51% higher at $12.70, and earlier touched an annual high of $13.75. 

 

One of the top losers on the Big Board is 500.com Ltd (NYSE:WBAI), which has fallen 9.7% to $21.26, continuing last week's earnings-induced sell-off. The online gaming stock still boasts a solid long-term technical record, maintaining a 22.5% year-to-date lead. 

 

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The CBOE Volatility Index (VIX) is up 0.2 point, or 1.7%, at 12.33, but couldn't hold the 13 level. 

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.8, with puts nearly doubling calls. The SPY was last seen 0.4 point, or 0.2%, lower at $210.08. 


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