Dow Jones Industrial Average Sinks, Despite Oil's Bounce

Valeant Bursts Higher; Plus, A Big Twitter Win

by Josh Selway

Published on Apr 5, 2016 at 12:12 PM

The Dow Jones Industrial Average (DJIA) is stuck in the red at midday, despite a rebound in May-dated crude futures, which have muscled 0.5% higher to $35.87 per barrel. At last check, just six of the 30 Dow components were in positive territory, with Walt Disney Co (NYSE:DIS) and Cisco Systems, Inc. (NASDAQ:CSCO) leading the losers. Stocks managed to pare some of their early losses, though, after the Institute for Supply Management's (ISM) non-manufacturing index topped expectations, but the major U.S. markets still seem destined to follow the lead of their global counterparts

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Among the stocks with unusual call volume is Marvell Technology Group Ltd. (NASDAQ:MRVL), with the options trading at 12 times the average intraday pace -- a sudden switch. The August 11 and May 12 calls are most popular, and it looks like traders are buying to open the options -- expecting more upside for MRVL. Today, the semiconductor stock is up 12.1% at $10.78, on news the company's president and CEO are both stepping down, as well as an upgrade to "buy" from "hold" at Brean Capital.

DragonWave, Inc. (USA) (NASDAQ:DRWI) is one of the top performers on the Nasdaq today, gaining 11.4% at $6.60, poised for its best daily finish since August. The wireless equipment maker has been on an absolute tear recently, gaining over 170% since March 29, after the company launched its e-commerce store


Over on the New York Stock Exchange (NYSE), Palo Alto Networks Inc (NYSE:PANW) is one of the leading losers, falling 5.7% to $152.46, after this morning's round of analyst notes. Shares of the cybersecurity stock are still almost 8% higher year-over-year, and today's pullback seems to have been contained by the stock's rising 30-day moving average. 

CBOE Volatility Index (VIX) is up 1.1 point, or 8.1%, challenging its 20-day moving average. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.31 -- in the 94th percentile of its annual range -- as puts more than double calls. SPY is down 1.7 points, or 0.8%, at $204.62. 

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