The DJIA is down sharply, as a gasoline build and North Korean H-bomb weigh on stocks
The Dow Jones Industrial Average (DJIA) is down triple digits -- and south of 17,000 -- at midday, still reeling on concerns over North Korea's hydrogen bomb. Stocks are also tracking energy sharply lower, as the largest increase in U.S. gas inventories in more than two decades has February crude oil down more than 4% at 11-year-lows.
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Spirit Airlines Incorporated (NASDAQ:SAVE) is among stocks with unusual option volume today. In particular, calls are crossing the tape at nine times their usual intraday pace -- and outnumbering puts 11-to-1. SAVE is up 2.7% at $42.60, as airlines rally amid sinking oil. Bullish betting in the option pits is nothing new for the stock, though. Its 50-day call/put volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) of 7.42 outranks 98% of all readings from the last 12 months.
Among the big winners on the Nasdaq today is TASER International, Inc. (NASDAQ:TASR), shaking off greater market headwinds to climb 4.1% to $17.72. The stock got an upgrade from J.P Morgan Securities this morning, helping the shares edge further from their annual low of $16.14, seen less than a month ago. Today's rally could have short sellers on the run, as short interest accounts for more than 21% of TASR's total available float.
Fiat Chrysler Automobiles NV (NYSE:FCAU) is one of the bottom performers on the Big Board so far, falling 6.1% to trade at $8.52, due to a negative note at Goldman Sachs. The shares have fallen sharply since the spin-off of Ferrari NV (NYSE:RACE) was completed earlier in the week.
The CBOE Volatility Index (VIX) is 1.15 points, or 5.95%, higher at 20.49.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.32, with puts outnumbering calls. SPY was last seen down 1.92 points, or 0.95%, at $199.43.