China, Energy Smack Dow Jones Industrial Average

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

Aug 11, 2015 at 11:55 AM
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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.


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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.



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.



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