Oil Dims Dow Jones Industrial Average

Why Wall Street Did a 180 on This Biotech

by Kirra Fedyszyn

Published on Dec 21, 2015 at 12:07 PM

The Dow Jones Industrial Average (DJIA) shot higher this morning, but has erased most of its gains at midday. Oil prices are lower again today, briefly dipping below $34 per barrel, with the January contract on pace for a new six-year low. Meanwhile, trading volume is light, as is typical for the holiday-shortened week.

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

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Among the stocks with elevated put volume is camera maker 
GoPro Inc (NASDAQ:GPRO), with the contracts crossing the tape at twice the average intraday rate. GPRO has shed more than 70% of its value in 2015, falling hard since August, and hitting an all-time low of $15.90 last Monday. The shares today have dropped 4.9% to $18.55, while nearly half of the stock's available float is sold short. More than 5,500 contracts have traded on the January 2016 16-strike put, indicating that options traders expect the shares to extend their quest for record lows before the contracts expirenext month.

The surprising loser on the blue-chip index this morning is Walt Disney Co (NYSE:DIS). The company's new "Star Wars" release smashed records at the box office, with CEO Robert Iger suggesting global sales could reach $528 million for the opening weekend. The stock was higher early this morning, but quickly fell into the red, currently down 0.9% at $106.78.

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Among the top performers on the Big Board is Microsoft Corporation (NYSE:MSFT), which is up 0.8% at $54.55, after an optimistic article was published in Barron's over the weekend, suggesting the stock could spike 30% over the next 18 months.

The CBOE Volatility Index (VIX) is down 1.1 points, or 5.1%, at $19.65.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.63, with puts outnumbering calls. SPY was last seen 0.2 point, or 0.1%, higher at $200.16.


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