Dow Jones Industrial Average Slips on Services Data; Oil Booms

3 Hot Stocks For Bargain Hunters; Plus, Tesla Tanks

by Alex Eppstein

Published on Feb 3, 2016 at 12:04 PM

It's been a see-saw session for the Dow Jones Industrial Average (DJIA), which was over 100 points higher following a fast start, and down almost 200 points -- and south of 16,000 -- at its intraday low. At last check, though, the Dow is modestly lower, despite a rebound in oil. While the Energy Information Administration (EIA) reported a bigger-than-expected build in weekly crude stockpiles, a weaker dollar and hopes for global output cuts have March-dated oil futures up 4.8% and north of $31 per barrel, after briefly flirting with a loss. Meanwhile, Wall Street is digesting the Institute for Supply Management's (ISM) services index, which came up short of estimates at 53.5 -- the slowest rate of expansion in nearly two years.

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Among the stocks with unusual call volume is drugmaker GlaxoSmithKline plc (ADR) (NYSE:GSK), with the contracts running at 13 times the expected intraday pace. According to Trade-Alert, one speculator sold to open a block of 8,000 March 43 calls, expecting the stock's upward momentum to be contained by the $43 level. Currently, GSK is 2.5% higher at $41.91 on better-than-expected earnings.

One of the top performers on the Nasdaq today is business review service Angie's List Inc (NASDAQ:ANGI), thanks to renewed buyout buzz. At last check, the shares have spiked 4.8% to trade at $8.75, but are now testing possible resistance at their 30-day moving average.

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Among the leading advancers on the Big Board is medical equipment maker Edwards Lifesciences Corp (NYSE:EW), up 6.3% at $81.74. Boosting the stock are an upbeat earnings report and upwardly revised guidance, which were met with a raft of price-target hikes.

The CBOE Volatility Index (VIX) is up 0.8 point, or 3.5%, at 22.75.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.28, with puts outpacing calls. At last check, SPY is 0.6 points, or 0.3%, lower at $189.54.

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