Dow Jones Industrial Average Pinballs Lower

Amazon Hot Ahead of Earnings; Plus, Facebook's "Remarkable" Feat

by Josh Selway

Published on Jan 28, 2016 at 12:01 PM

It's been a volatile start to the day, with the Dow Jones Industrial Average (DJIA) ​slashing between positive and negative territory, already spanning a roughly 223-point trading range. The blue-chip index was last seen south of breakeven, as traders consider yesterday's Fed statement and a drop in durable goods orders. Meanwhile, crude dated for March has added over 2% to trade near $32 per barrel, on speculation that Russia and the Organization of the Petroleum Exporting Countries (OPEC) will work to cut output. For equity news, Dow component Caterpillar Inc. (NYSE:CAT) continues to explore post-earnings upside, while heavy losses among biotech stocks are limiting the Nasdaq Composite's (COMP) gains. 

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Among the stocks with unusual put activity today is online travel concern Priceline Group Inc (NASDAQ:PCLN). The stock continues to slide after yesterday's analyst-induced sell-off, last seen down 1.8% at $1,025.10. It appears traders are betting on PCLN to breach the millennium mark by week's end by buying to open the weekly 1/29 1,000-strike put. The stock hasn't traded below $1,000 since February 2015. 

One of top winners on the Nasdaq is tech firm Citrix Systems, Inc. (NASDAQ:CTXS), after the company announced strong quarterly results and a promising full-year outlook. The shares are up 8.3% at $71.38, with an upgrade to "market perform" from "market underperform" at JMP Securities and a price-target hike to $67 at Jefferies overshadowing a trio of price-target cuts. This is an auspicious start for CEO Kirill Tatarinov, who took the position just a week ago


A disappointing earnings report and a round of negative analyst notes has tech stock Juniper Networks, Inc. (NYSE:JNPR) near the bottom of the Big Board today. The shares were last seen down 14.4% at $22.72, and earlier touched an annual low of $22. Among the brokerage firms to weigh in was SunTrust Robinson, which lowered its 12-month expected price to $25 from $32. 

The CBOE Volatility Index (VIX) has edged 0.03 point, or 0.1%, higher. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.37, with puts outpacing calls. The SPY is off 0.2 point today, or 0.1%, at $187.95. 

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