Dow Jones Industrial Average Tracks Crude Oil Lower

Option Bears Cash In on Solar Stock's Collapse

by Kirra Fedyszyn

Published on Mar 29, 2016 at 12:07 PM

The Dow Jones Industrial Average (DJIA) has been trading in a narrow range in negative territory so far today, as traders await a midday speech from Fed Chair Janet Yellen. Traders will be listening carefully for rate-hike clues, though Fed funds futures suggest very few are anticipating any policy-tightening moves at the central bank's April meeting. Meanwhile, oil prices are weighing on stocks, with May-dated crude futures trading down 3.6% at $37.99 a barrel. 

Continue reading for more on today's market -- and don't miss:

160329MMC

Carnival Corp (NYSE:CCL) is among the stocks with unusual option volume at midday, with contracts trading at three times the usual intraday pace. Puts are dominating the action, with nearly 3,400 changing hands so far, compared to fewer than 1,000 calls. Specifically, it looks like traders may be buying to open the April 48 put, meaning they expect the security to sink below the $48 level by the time the option expires next month. CCL is due to report fiscal first-quarter earnings before the market opens tomorrow, and currently is trading up 0.6% at $49.33.

Among the top gainers on the Nasdaq today is GoPro Inc (NASDAQ:GPRO) supplier Ambarella Inc (NASDAQ:AMBA). The stock is up 6.4% at $43.31 and breaking out above resistance at its 60-day moving average, thanks to a bullish note from Morgan Stanley.


160329_amba

Puma Biotechnology Inc (NYSE:PBYI), meanwhile, is one of the worst performers on the New York Stock Exchange, shedding 26.1% on disappointing drug news to trade at $26.15 -- just off its new three-year low of $25.20. Adding insult to injury, Credit Suisse is the latest brokerage to dole out a bearish note to PBYI today, trimming its price target to $50 from $69.

The 
CBOE Volatility Index (VIX) is down 0.1 point, or 0.5%, at 15.17.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.20, with puts more than doubling calls. SPY was last seen down 0.35 point, or 0.2%, at $202.92.

A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earning announcements before it's too late!


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


Look Who's Going Bankrupt Next in America
Porter Stansberry is making a concerning prediction.
CE Stock Heading into Bullish Month
Celanese stock is coming off a free fall from its all-time-high in late 2019
HD Stock Sinks on Bear Notes, In-Store Changes
Home Depot stock received price target cuts after sharing in-store changes
Look Who's Going Bankrupt Next in America
Porter Stansberry is making a concerning prediction.