M&A Buzz, Fischer Comments Lift Dow Jones Industrial Average Triple Digits

The Drugmaker That's Surged 2,000%

by Karee Venema

Published on Aug 10, 2015 at 12:03 PM
Updated on Aug 10, 2015 at 12:06 PM

The Dow Jones Industrial Average (DJIA) is easily on pace to snap its longest losing streak since 2011, with the blue-chip barometer up triple digits at last check. Helping to stoke the bullish flames is the latest round of M&A activity -- particularly a multi-billion-dollar bid from the Oracle of Omaha, which has helped push Dow component Boeing Co (NYSE:BA) to a 2.9% lead -- and relatively dovish comments from Stanley Fischer. Specifically, the central bank's vice chair implied that a September rate hike may be unlikely, explaining the Fed may not want to "move before we see inflation as well as employment returning to more normal levels." Looking ahead, one more Fed official will be in focus this afternoon.

 

Continue reading for more on today's market -- and don't miss:

 

 

150810mmc

 

Among the stocks with notable option volume is Inovio Pharmaceuticals Inc (NASDAQ:INO), with the contracts changing hands at 33 times the average intraday pace. The equity has soared 22.8% to trade at $7.97 -- after announcing a multi-billion-dollar sale -- and speculators are drilling down on the security's front-month options. Specifically, eight of INO's 10 most active options reside in the August series, with the 9-strike call garnering the most attention.

 

One of the biggest advancers on the Nasdaq is Voltari Corp (NASDAQ:VLTC). The shares have popped 54% to $10.07, after the digital marketing specialist on Friday said it has entered into a $10 million loan agreement with Koala Holding -- an affiliate of Carl Icahn. Longer term, the security has jumped more than fourfold since Icahn unveiled a stake in the company in early April -- a fate this oil-and-gas issue most likely hopes to emulate.

 

One of the top gainers on the Big Board is Precision Castparts Corp. (NYSE:PCP). The stock is up 19% at $230.88 -- but remains in the red on a year-to-date basis -- after Warren Buffett's Berkshire Hathaway Inc. (NYSE:BRK.A) agreed to buy the metal manufacturer for $235 per share, or about $37 billion.

 

150810pcp1

 

The CBOE Volatility Index (VIX) is down 0.9 point, or 6.8%, at 12.48 -- and on track for its lowest close of the month.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 0.82, with calls outpacing puts. At last check, SPY is up 2.2 points, or 1.1%, at $210.18.


A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earning announcements before it's too late!


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


The Nevada Discovery That Could Jeopardize Chinese Dominance
Click to continue to advertiser's site.
UNH Stock Pops on Accelerated Payment Promise
Analysts are very bullish on UnitedHealth stock
Extra Space Storage Stock Wavers After Downgrade
Raymond James downgraded to "underperform" from "market perform"
The Top Lithium Play of 2020
Click to continue to advertiser's site.