The DJIA is trading lower on lackluster earnings and sliding oil prices
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.
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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.
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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