Dow Jones Industrial Average Deflates Post-Fed

After rallying nearly 200 points yesterday, the Dow Jones Industrial Average (DJIA) has deflated a bit, as traders digest mostly uninspiring data and continue to reflect on yesterday's Fed statement. Third-quarter gross domestic product (GDP) came in below expectations, and pending home sales dropped for a second straight month. Weekly jobless claims, meanwhile, grew by a smaller-than-expected margin. Outside of economic data, traders are still mulling the possibility of a December rate hike, and in Washington, D.C., Wisconsin Republican Paul Ryan is addressing Congress as the newly elected Speaker of the House.

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

 

• 4 charts that indicate "the Blahs are back," courtesy of Schaeffer's contributor Adam Warner.
• Speculators are buzzing about big-time biotech M&A talks and the next spin-off in the works.
• Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

Among the stocks with notable option activity is Ambarella Inc (NASDAQ:AMBA), which is swooning in sympathy with GoPro Inc (NASDAQ:GPRO), to which it provides chips. AMBA was last seen 7.6% lower at $52.17, and intraday options volume is running at three times the norm. It looks like some bears are cashing in their chips by selling to close the weekly 10/30 53-strike put, which is now in the money.

One of the NYSE's top performers is identity-theft protection provider Lifelock Inc (NYSE:LOCK), which has skyrocketed 46.8% to $14.22, thanks to solid sales figures and news of a settlement with the Federal Trade Commission (FTC). The shares are now poised to close atop their 200-day moving average for the first time since mid-July, before the FTC's accusations of deceptive advertising.

Among the leading losers on the Big Board is vitamin peddler GNC Holdings Inc (NYSE:GNC), which has plummeted 30.4% to $26.90. The shares were temporarily halted out of the gate -- and earlier touched a three-year low of $26.34 -- after the company reported an earnings miss and cut its full-year forecast. At last check, Wall Street is awaiting a conference call that's been suspended due to technical difficulties. 

The CBOE Volatility Index (VIX) is up 0.7 point, or 4.8%, at 15.02.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.14, with puts having the edge over calls. At last check, SPY was 0.6 point, or 0.3%, lower at $208.33.