China, Energy Smack Dow Jones Industrial Average

Analysts Eye Record Highs for Google, Facebook; What About Apple?

by Karee Venema

Published on Aug 11, 2015 at 11:55 AM
Updated on Aug 11, 2015 at 12:00 PM

After setting fire to its seven-session losing streak on Monday, the Dow Jones Industrial Average (DJIA) has resumed its sell-off, as traders react to a surprise currency move by China's central bank -- which has a number of mainland-based companies sinking. Also weighing on investor sentiment is crude oil, which is on pace to notch its lowest close of the year -- off 4.2% at $43.08 per barrel. In fact, little waves have been made by today's batch of economic data, which includes a stronger-than-expected-rise in wholesale inventories -- suggesting an upward revision to second-quarter gross domestic product (GDP) could be on the horizon -- and an uptick in second-quarter productivity. At last check, though, the Dow was staring at a triple-digit loss, with all but three of its 30 components in red.

 

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

 

 

150811mmc

Among the stocks with notable put volume is JA Solar Holdings Co., Ltd. (ADR) (NASDAQ:JASO), with the contracts crossing at 33 times the average intraday pace. Shares of the alternative energy concern are up 2.3% at $8.02, following better-than-expected second-quarter earnings, and it appears option traders are initiating new positions at JASO's September puts.

 

For a third straight session, Aquinox Pharmaceuticals Inc (NASDAQ:AQXP) is making big moves -- and is one of the top gainers on the Nasdaq today. Since last Thursday's close at $1.79, the stock has jumped more than 1,100% -- including this morning's 15.8% pop that has AQXP lingering near $22 -- and hit a record high of $55.75 yesterday. Sparking the risk-on backdrop has been a number of fundamental developments, including well-received data on the drugmaker's bladder treatment.

One of the top losers on the Big Board is Intrexon Corp (NYSE:XON). Last night, the biotech reported second-quarter sales that fell short of estimates, prompting a pair of negative analyst notes. Against this backdrop, XON is off 10.6% at $51.59 -- and on track to close south of its 50-day moving average for the first time since June 1.

 

150811xon


The CBOE Volatility Index (VIX) isup 1.7 point, or 14.2%, at 13.96, but stalling out near the 14 mark.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.83, with puts nearly doubling calls. SPY is off 2.2 points, or 1%, at $208.39.

 


A Schaeffer's exclusive

6 Sectors for Summer

Access your FREE insider report 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 Next Big Player in U.S. MJ Boom
Most pure-play marijuana stocks in the U.S. trade on the Over-the-Counter stock exchange.
Coffee Stock Drops Despite Cost-Cutting Initiatives
Starbucks asked employees to further limit working hours or take unpaid leave
Takeover Offer Sends Unloved Penny Stock Soaring
Western Union has offered MoneyGram a takeover offer
Huge New Legal Marijuana Market Has Shortage Crisis
250 million Europeans have access to medical marijuana. There's already a shortage....