The DJIA has muscled out of the red, as traders weigh economic data, oil prices, and Fed comments
The Dow Jones Industrial Average (DJIA) has turned higher at midday, with help from a big rebound in durable goods orders and dovish comments from both St. Louis Fed President James Bullard and Atlanta Fed President Dennis Lockhart. Stocks are attempting to shrug off a steep sell-off in China and declining oil prices; April-dated crude futures have plunged 1.6% to $31.65 per barrel, as speculators fret over a global crude supply glut. At last check, the Dow was in the green -- trying to make it two in a row.
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Among the stocks with unusual put volume is
Transocean LTD (NYSE:RIG), with the contracts crossing at seven times the average intraday pace. The oil-and-gas issue is extending
yesterday's sharp decline -- down 4.2% at $7.85 -- after
reporting earnings. It looks like some speculators are betting on the $7 level to hold as short-term support, though, with sell-to-open activity detected at RIG's March 7 put.
Alternative energy concern Sunedison Inc (NYSE:SUNE) is one of the biggest advancers on the New York Stock Exchange (NYSE), up 32% at $1.67, following news Vivint Solar Inc (NYSE:VSLR) shareholders have approved SUNE's takeover of the company. Despite today's surge, shares of SUNE are still lingering in 14-year low territory, down 93% year-over-year.
Financial information provider
Bankrate Inc (NYSE:RATE) is one of the biggest losers on the NYSE today, down 47% at $6.78, after the company's fourth-quarter results fell short of analysts' estimates. Earlier, the stock fell to a record low of $6.59, and has lost nearly half its value year-to-date.
The
CBOE Volatility Index (VIX) is down 0.3 point, or 1.2%, at 20.47.
Today's put/call volume ratio on the
SPDR S&P 500 ETF Trust (SPY) is 1.77, with puts nearly doubling calls. SPY is up 0.2% at $193.45.