Dow Jones Industrial Average Tracks Fluctuating Crude Futures

Sunedison's Epic Collapse

Josh Selway

Apr 4, 2016 at 12:11 PM

The Dow Jones Industrial Average (DJIA) is tracking fluctuating oil prices today, with stocks also reacting to fresh comments from a voting member of the Federal Open Market Committee (FOMC). Specifically, May-dated crude futures have swung 0.3% lower to $36.68 per barrel at last check, while Boston Fed President Eric Rosengren said if the economy continues to recover, "it will likely be appropriate to resume the path of gradual tightening sooner than is implied by financial-market futures."

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

Why Facebook Inc (NASDAQ:FB) is down 3% despite bullish analyst attention.
Sunedison Inc (NYSE:SUNE) may be filing for bankruptcy -- but that's just the tip of the iceberg.
Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and stocks on the move at midday.

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Among the stocks with unusual option volume at midday is Yahoo! Inc. (NASDAQ:YHOO). The stock's calls are crossing at twice the average intraday pace, due to the latest M&A rumors. It appears traders may be buying to open the May 40 call in hopes of extended gains from YHOO before back-month options expire at the close on Friday, May 20. The shares were last seen 1.2% higher at $36.92.

Virgin America Inc (NASDAQ:VA) is one of the top performers on the Nasdaq today, thanks to news that fellow airliner Alaska Air Group, Inc. (NYSE:ALK) is purchasing the company. VA was last seen 40.9% higher at $54.82, just below the buyout price of $57 per share offered by ALK. Even before today, the shares were up nearly 32% in the past 12 months.

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Conversely, firearms stock Smith & Wesson Holding Corp (NASDAQ:SWHC) is one of the worst performers on the COMP, sliding 15.6% to $23.43, due to a bearish brokerage note that hit the Street this morning. With the pullback, SWHC now holds just a slim year-to-date lead, after outperforming the S&P 500 Index (SPX) by 17.5 percentage points during the past 40 sessions.

The CBOE Volatility Index (VIX) is up 0.9 point, or 6.9%.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.77, with puts nearly doubling calls. The SPY is down 0.7 point, or 0.3%, at $206.27.

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