Dow Jones Industrial Average Sinks, Despite Oil's Bounce

Valeant Bursts Higher; Plus, A Big Twitter Win

Apr 5, 2016 at 12:12 PM
facebook twitter linkedin


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

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

 

160405MMC1

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


160405DRWI

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. 

The 
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. 

Find out where the Dow lands right after the closing bell. Sign up now for Schaeffer's Market Recap
 

If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!

Schaeffer's Investment Research Master Portfolio Trial
 


 


 
Special Offers from Schaeffer's Trading Partners