Dow Jones Industrial Average Trims Early Triple-Digit Deficit

2 Stocks Stunning Bears

by Josh Selway

Published on Nov 24, 2015 at 11:58 AM
Updated on Jun 24, 2020 at 10:16 AM

After a quiet start to the week, the Dow Jones Industrial Average (DJIA) ​turned sharply negative this morning, dropping 109 points at its early lows. Fresh turmoil in Syria has brought anxiety to the Street, which has been augmented by the latest gross domestic product (GDP) revision. Also on the data front, consumer confidence missed expectations, while the latest geopolitical concerns have oil surging over 2%. Still, the pronounced weakness in equities is somewhat unusual for the holiday-shortened week -- and, right on schedule, the Dow has pared its losses dramatically as we approach the midpoint of the session.

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

 


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Among the stocks with notable put activity is high-end jeweler Tiffany & Co. (NYSE:TIF). The company's disappointing quarterly results weighed on the shares at the open, but they have since reversed course, adding 0.9% at $77.21. In the meantime, puts are crossing at six times the expected pace. The most active strikes are the December 70 and 75 puts, where a combined total of nearly 4,800 contracts have traded.

Among the noteworthy winners on the Big Board is food producer Campbell Soup Company (NYSE:CPB). The shares have added 2.8% at $51.20, after the company reported better-than-expected quarterly profits and an upwardly revised full-year outlook. CPB's peak of $52.48 from earlier was its highest perch since December 1998. 

One of the biggest losers on the NYSE is travel booking site Priceline Group Inc (NASDAQ:PCLN)​, as geopolitical tensions again weigh on travel stocks following the downing of a Russian jet. At last check, PCLN was 3.9% lower at $1,214.50, set to close below its 200-day moving average for the first time since July 10. 

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The CBOE Volatility Index (VIX) is up 0.5 point, or 2.9%, but is still on pace to close below its 20-day moving average for the third straight day. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.66, as put volume outweighs call volume. The SPY was 0.4 point, or 0.2%, lower at $208.67 at last check. 


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