Dow Jones Industrial Average Backtracks on Earnings, Oil

The Baller Behind Under Armour's Big Day

by Josh Selway

Published on Apr 21, 2016 at 12:12 PM

The Dow Jones Industrial Average (DJIA) ​is lower at midday, as U.S. stocks cool after a three-day win streak. Poorly received earnings from Dow stocks Travelers Companies Inc (NYSE:TRV) and Verizon Communications In. (NYSE:VZ) are weighing on the index, overshadowing a win for American Express Company (NYSE:AXP). Aside from the latest round of large-cap earnings, traders are eyeing sliding oil prices. Specifically, today's European Central Bank (ECB) decision pushed the dollar higher, in turn sinking June-dated crude futures 1.8% to $43.37 per barrel. 

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

Midday Market Stats April 21
 

Among the stocks with unusual options volume is Viacom, Inc. (NASDAQ:VIAB), following news the company has settled its dispute with DISH Network Corp (NASDAQ:DISH), with the companies agreeing to a multi-year deal. VIAB options are trading at seven times the average intraday rate, and it appears sell-to-open activity is taking place at the May 33 put -- the most popular option. These traders are betting on VIAB holding above $33 through front-month expiration on Friday, May 20. At last check, VIAB was up 7.7% at $40.26. 

One of the biggest gainers on the New York Stock Exchange (NYSE) is Newmont Mining Corp (NYSE:NEM), after the company's first-quarter earnings beat estimates. Plus, the mining company also said it would be investigating certain areas of its business. CIBC and Jefferies are apparently unconcerned, since both raised their price targets to $36. NEM was last seen 6% higher at $32.28, earlier hitting a two-year peak of $32.58 -- and it could push even higher if pessimists throw in the towel.  

Daily Chart of NEM

United Continental Holdings Inc (NYSE:UAL) is one of the biggest losers on the NYSE, down 9.4% at $53.11. The airline last night topped Wall Street's earnings expectations, but provided a dismal current-quarter outlook. This could bring a fresh wave of downgrades UAL's way, considering 70% of analysts rate it a "strong buy." 

The 
CBOE Volatility Index (VIX) is up 0.5 point, or 4.1%. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.25, with puts just edging out calls. The SPY is down 0.2 point, or 0.1%, at $209.89.

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