Dow Jones Industrial Average Rallies, But Can't Hold 17K

The Stock Set to Profit From Netflix's Losses

by Josh Selway

Published on Oct 15, 2015 at 12:19 PM

The Dow Jones Industrial Average (DJIA) has pared an early triple-digit lead, and is struggling to climb back atop the 17,000 level, as traders consider the latest round of big-cap earnings and economic data. Notably, the consumer price index (CPI) fell in line with expectations and jobless claims dropped to a 42-year low, while New York Fed President William Dudley voiced his support for a 2015 rate hike, so long as economic expectations come to fruition. Meanwhile, crude oil is in the red on news that domestic stockpiles rose last week, and in the wake of lackluster manufacturing data.

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Among the stocks with notable option activity is Nike Inc (NYSE:NKE). The apparel giant is 2.3% higher at $128.73 -- and just off a record peak of $129.17 -- after issuing upbeat guidance. Intraday call volume is running at 1.5 times the norm, though the now out-of-the-money October 127 put is the most active contract so far today. 

One of the top gainers on the Big Board is Chinese lottery stock 500.com Ltd (NYSE:WBAI). The shares were last seen 8.3% higher at $20.60, taking their cues from stocks in China. Since skimming the $11 region in early August, the shares of WBAI have nearly doubled.


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Among the biggest losers on the Nasdaq is navigational expert Garmin Ltd. (NASDAQ:GRMN). Several brokerage firms weighed in on the stock, after the company reported less-than-stellar preliminary earnings. For example, Dougherty & Company cut its opinion to "neutral" from "buy." The shares of GRMN were last seen 12.2% lower at $32.45, and earlier hit a four-year low of $32.03. 

The CBOE Volatility Index (VIX) is off 0.3 point, or 1.8%, as it fights its 20-week moving average. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.54, as puts are easily doubling calls. SPY is 1.3 points, or 0.6%, higher today at $200.55. 


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