Dow Jones Industrial Average Adds 253 Points

Why Valeant Pharmaceuticals Is Tanking Again

by Kirra Fedyszyn

Published on Mar 1, 2016 at 12:01 PM

The Dow Jones Industrial Average (DJIA) still has a triple-digit lead at midday, with stocks capitalizing on continued strength in oil prices. April crude futures are up 1.6% at $34.28 per barrel at midday, and the Dow is also getting a boost from a surprise gain in the Institute for Supply Management's (ISM) manufacturing index -- as well as an eight-year high in construction spending.

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Among the stocks with unusual option volume today is Goldcorp Inc. (USA) (NYSE:GG), where calls are trading at more than double the typical intraday volume. More than 12,000 contracts have traded on the at-the-money GG April 14 call -- a change of pace for the stock, as puts have been the option of choice lately. GG was last seen 2% lower at $14.04.

Workday Inc (NYSE:WDAY) is among the top performers on the New York Stock Exchange at midday, up 9.2% at $65.99, despite a slew of price-target cuts from analysts following last night's stronger-than-expected quarterly earnings report. The stock has climbed 39.5% since its February three-year low of $47.32.

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Among the biggest losers, meanwhile, is solar stock Sunedison Inc (NYSE:SUNE), off 19.7% at $1.59 after the company announced it would delay its annual report. The stock has now erased nearly all of last week's M&A-related gains.
 
The CBOE Volatility Index (VIX) is down 2.2 points, or 10.7%, at 18.36 -- on track for its lowest close in 2016.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.51, with puts firmly outnumbering calls. SPY was last seen 3.4 points, or 1.8 %, higher at 196.97.

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