Dow Jones Industrial Average Loses Steam With Tech, Oil

Inside Tesla's Tailspin

Oct 7, 2015 at 12:11 PM
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The Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) started the session solidly higher, with the former up more than 173 points at its intraday peak. At midday, however, both indexes are struggling to stay positive, with the Dow aiming for a fourth straight win and the S&P attempting to bounce back. The Nasdaq Composite (COMP) is in the same boat, turning tail along with tech stocks. Meanwhile, the latest batch of quarterly results has proven largely disappointing, while crude oil reversed course after reported increases in domestic production and supplies.

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Among the stocks with notable put volume is Yum! Brands, Inc. (NYSE:YUM), with the contracts crossing at 18 times the intraday norm. Sparking the interest in puts is the stock's 19% post-earnings drop to $67.60, which has it sitting on the short-sale restricted (SSR) list. Short-term bears are buying to open YUM's weekly 10/9 67-strike put, counting on more end-of-week downside for shares of the Pizza Hut parent.

One of the biggest decliners on the Nasdaq is touch screen expert Neonode, Inc (NASDAQ:NEON), following the company's disappointing revenue guidance and secondary offering pricing. At last check, NEON has plummeted 18.3% at $2.15, and is on the SSR list.

The leading loser on the Big Board is Nu Skin Enterprises, Inc. (NYSE:NUS), thanks to the personal care firm's lackluster quarterly sales forecast. NUS was last seen 23.7% lower at $35.54, and fresh off a two-year low of $34.34.

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The CBOE Volatility Index (VIX) is up 0.03 point, or 0.2%, at 19.43.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.76, with puts outstripping calls. At last check, SPY has edged 0.5 point, or 0.3%, higher, at $198.31.


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