Dow Jones Industrial Average Loses Steam

The Battered Biotech in Single Digits for the First Time Since 2012

by Kirra Fedyszyn

Published on Apr 26, 2016 at 12:06 PM
Updated on Apr 26, 2016 at 12:13 PM

After starting the day on a positive note and retaking the 18,000 level in early trading, the Dow Jones Industrial Average (DJIA) turned lower, with post-earnings dips from blue-chip stocks 3M Co (NYSE:MMM) and Procter & Gamble Co (NYSE:PG) weighing on the index. An influx of disappointing economic data is also dragging on stocks: durable goods orders rose by less than expected, consumer confidence fell by more than expected, and home-price growth slowed, according to the S&P/Case-Shiller home price index. 

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

Midday Market Stats April 26

Among the stocks with unusual options volume at midday is pharmaceutical firm Perrigo Company plc Ordinary Shares (NYSE:PRGO), where contracts are changing hands at four time the typical intraday rate. The stock is up 1.8% at $101.17, shaking off a round of bearish brokerage notes, and PRGO calls are outpacing puts 3-to-1. Specifically, some traders are targeting further gains through the end of the week, buying to open the weekly 4/29 105-strike call.

Advanced Micro Devices, Inc. (NASDAQ:AMD) is among the top performers on the Nasdaq, last seen up 7.2% at $3.70, still surging on Monday's post-earnings love from analysts. The stock has extended its year-to-date lead to 30%, and last week broke out above resistance at its 120-week moving average -- a level the shares hadn't cleared since September 2014.

AMD Weekly Chart

Among the worst performers on Nasdaq today is TrovaGene Inc (NASDAQ:TROV), down 7.8% to $4.36. The equity received a round of downgrades and price-target cuts following Monday's C-suite news, bringing its 2016 loss to 19%.
 
The 
CBOE Volatility Index (VIX) is down 0.1 point, or 0.4%, at 14.02.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.40, with puts outpacing calls. SPY was last seen up 0.5 point, or 0.2%, at $209.07.

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