Dow Jones Industrial Average Clings to Gains as Crude Falls

Why These Analysts Aren't Sweating iPhone Sales

Jan 12, 2016 at 12:04 PM
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The Dow Jones Industrial Average (DJIA) started out strong, but has once again pared a triple-digit lead -- and briefly turned negative -- as oil resumes its slide. Crude oil for February was last seen off 2.1% at $30.75 a barrel -- another new 12-year low. Traders are also considering the Labor Department's Job Openings and Labor Turnover Survey (JOLTS), which showed an increase in job openings in November, as well as Alcoa Inc's (NYSE:AA) unofficial start to earnings season

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Freeport-McMoRan Inc (NYSE:FCX) is among the stocks with unusual option volume today. Options are trading at twice their typical intraday rate, with puts crossing the tape at three times their average clip. The stock got hit with a round of bearish brokerage notes today, sending the shares to a yet another 15-year low of $3.65. FCX was last seen off 12.8% at $3.76. Short-term option traders are paying up for their bets. The stock's 30-day at-the-money implied volatility is at an annual high of 129%, while its Schaeffer's Volatility Index (SVI) of 115% is in the top percentile of all readings in the past year.

Among the top performers on the Nasdaq at midday is bluebird bio Inc (NASDAQ:BLUE), bouncing back from a dismal Monday to trade 8% higher at $48.23. The shares fell to a yearly low of $43.51 yesterday, ahead of its presentation at the J.P. Morgan Healthcare Conference today.

Eldorado Gold Corp (USA) (NYSE:EGO) is one of the bottom stocks on the Big Board, down 18.7% at $2.49 after being halted in early trading, on news that the company is pausing its plans to develop a mine in Greece. The shares hit a new 10-year low of $2.38 earlier in the day, likely making short sellers wish they'd stuck around longer.


The CBOE Volatility Index (VIX) is down 1 point, or 4.2%, at 23.29.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.13, with puts outnumbering calls. SPY was last seen up 0.6 points, or 0.3%, at $192.71.


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